Bill Text: TX HB3999 | 2017-2018 | 85th Legislature | Introduced

Texas House Bill 3999 (Prior Session Legislation)

Introduced

Bill Title: Relating to the appraisal for ad valorem tax purposes of certain property used to provide affordable housing.

Sponsorship: Bipartisan Bill

Status: (Introduced - Dead) 2017-05-03 - Left pending in committee [HB3999 Detail]

Download: Texas-2017-HB3999-Introduced.html

	85R10589 CJC-D

	By: Isaac	H.B. No. 3999



	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.