| |
| |
|
|
A BILL TO BE ENTITLED
|
|
|
AN ACT
|
|
|
relating to the appraisal for ad valorem tax purposes of certain |
|
|
property used to provide affordable housing. |
|
|
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
|
|
SECTION 1. Section 23.21, Tax Code, is amended by adding |
|
|
Subsection (f) to read as follows: |
|
|
(f) This subsection applies only to real property that was |
|
|
previously owned by a charitable organization meeting the |
|
|
requirements of Sections 11.18(e) and (f) and that was sold to a |
|
|
low-income or moderate-income individual or family meeting income |
|
|
eligibility standards established by the organization under |
|
|
regulations or restrictions limiting to a percentage of the |
|
|
individual's or the family's income the amount that the individual |
|
|
or family was required to pay for purchasing the property. If the |
|
|
property was sold pursuant to a shared or fixed appreciation |
|
|
affordable housing program established by the organization the |
|
|
regulations of which provide that for a fixed period of time the |
|
|
organization is entitled to a portion of the appreciation in value |
|
|
of the property, if any, on sale of the property, the chief |
|
|
appraiser: |
|
|
(1) may not take into account the portion of the |
|
|
appreciation in value of the property the organization would be |
|
|
entitled to receive if the property were sold on January 1 of the |
|
|
tax year in which the property is appraised when determining the |
|
|
appraised value of the property in that tax year; and |
|
|
(2) shall take into account when appraising the |
|
|
property the extent to which any regulations, resale restrictions, |
|
|
or conditions applicable to the property established by the |
|
|
organization reduce the market value of the property. |
|
|
SECTION 2. This Act applies only to ad valorem taxes imposed |
|
|
for a tax year beginning on or after the effective date of this Act. |
|
|
SECTION 3. This Act takes effect January 1, 2018. |