Bill Amendment: TX HB3833 | 2021-2022 | 87th Legislature

NOTE: For additional amemendments please see the Bill Drafting List

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Bill Title: Relating to the appraisal of certain real property for ad valorem tax purposes.

Status: 2021-06-15 - Effective immediately [HB3833 Detail]

Download: Texas-2021-HB3833-House_Amendment_H_2_2-Deshotel.html

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Amend HB 3833 (house committee printing) by adding the following appropriately numbered SECTIONS to the bill and renumbering subsequent SECTIONS of the bill accordingly:

SECTION ____.  Section 23.215, Tax Code, is amended to read as follows:

Sec. 23.215.  APPRAISAL OF CERTAIN NONEXEMPT PROPERTY USED FOR LOW-INCOME OR MODERATE-INCOME HOUSING. (a) This section applies only to real property owned by an organization:

(1)  for the purpose of renting the property [that on the effective date of this section was rented] to a low-income or moderate-income individual or family satisfying the organization's income eligibility requirements [and that continues to be used for that purpose];

(2)  that is or will be [was] financed under the low income housing tax credit program under Subchapter DD, Chapter 2306, Government Code, and subject to a land use restriction agreement under that subchapter;

(3)  that does not receive an exemption under Section 11.182 or 11.1825; and

(4)  the owner of which has not entered into an agreement with any taxing unit to make payments to the taxing unit instead of taxes on the property.

(b)  In appraising property that is under construction or that has not reached stabilized occupancy on January 1 of the tax year in which the property is appraised, the [The] chief appraiser shall determine the value of [appraise] the property in the manner provided by Section 11.1825(q) using the property's projected income and expenses for the first full year of operation as established and utilized in the underwriting report pertaining to the property prepared by the Texas Department of Housing and Community Affairs under Subchapter DD, Chapter 2306, Government Code, and adjust that value as provided by this subsection to determine the appraised value of the property. For a property under construction on January 1, the chief appraiser shall adjust the value to reflect the percentage of the construction that is complete on January 1. For a property on which construction is complete but that has not reached stabilized occupancy on January 1, the chief appraiser shall adjust the value to reflect the actual occupancy of the property on January 1. For purposes of this subsection, a property is not considered to be under construction if the purpose of the work being performed on the property is the maintenance or rehabilitation of the property.

(c)  In appraising property for the first tax year following the year in which construction on the property is complete and occupancy of the property has stabilized and any tax year subsequent to that year, the chief appraiser shall determine the appraised value of the property in the manner provided by Section 11.1825(q).

SECTION ____.  The change made by Section 23.215 applies only to an ad valorem tax year that begins on or after January 1, 2022.