Bill Text: TX HB1841 | 2019-2020 | 86th Legislature | Comm Sub


Bill Title: Relating to the appraisal for ad valorem tax purposes of a housing unit that the owner or a predecessor of the owner acquired from a community land trust.

Spectrum: Partisan Bill (Democrat 7-0)

Status: (Introduced - Dead) 2019-04-29 - Committee report sent to Calendars [HB1841 Detail]

Download: Texas-2019-HB1841-Comm_Sub.html
  86R7450 CJC-F
 
  By: Thompson of Harris, Coleman, Allen, H.B. No. 1841
      Morales, Farrar, et al.
 
 
 
A BILL TO BE ENTITLED
 
AN ACT
  relating to the appraisal for ad valorem tax purposes of a housing
  unit that the owner or a predecessor of the owner acquired from a
  community land trust.
         BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Section 23.21(d), Tax Code, is amended to read as
  follows:
         (d)  In appraising a housing unit that the owner or a
  predecessor of the owner acquired from a community land trust
  created or designated under Section 373B.002, Local Government
  Code, and that is located on land owned by the trust and leased by
  the owner of the housing unit, the chief appraiser shall take into
  account the extent to which any regulations or restrictions
  limiting the right of the owner of the housing unit to sell the
  housing unit, including any limitation on the price for which the
  housing unit may be sold, reduce the market value of the housing
  unit. If the sale of the housing unit is subject to an eligible land
  use restriction, the chief appraiser may not appraise the housing
  unit in a tax year for an amount that exceeds the price for which the
  housing unit may be sold under the eligible land use restriction in
  that tax year. For purposes of this subsection, "eligible land use
  restriction" means an agreement or restrictive covenant applicable
  to a housing unit that:
               (1)  is recorded in the real property records;
               (2)  has a term of at least 40 years;
               (3)  restricts the price for which the housing unit may
  be sold to a price that is or may be less than the market value of
  the housing unit; and
               (4)  restricts the sale of the housing unit to a family
  meeting the income-eligibility standards established by Section
  373B.006, Local Government Code.
         SECTION 2.  This Act applies only to ad valorem taxes imposed
  for a tax year that begins on or after the effective date of this
  Act.
         SECTION 3.  This Act takes effect September 1, 2019.
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