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TX HB291

TX HB291
Relating to the appraisal of real property for ad valorem tax purposes.


summary

Introduced
11/12/2024
In Committee
02/27/2025
Crossed Over
Passed
Dead
06/02/2025

Introduced Session

89th Legislature Regular Session

Bill Summary

AN ACT relating to the appraisal of real property for ad valorem tax purposes.

AI Summary

This bill introduces a comprehensive set of changes to Texas property tax appraisal procedures, primarily focusing on creating a new sales price disclosure system. Under the new law, purchasers of real property will be required to file a detailed sales price disclosure report with the county's chief appraiser within 10 days of recording a property deed, with numerous exemptions for specific types of property transfers such as court-ordered sales, transfers between family members, and sales involving bankruptcy. The disclosure report will require information about the sale, including the sales price, financing method, and any unusual circumstances affecting the price. While the chief appraiser can use this information when determining property value, they are explicitly prohibited from increasing the property's market value solely based on the disclosure report. The bill also adds provisions allowing property owners to more easily challenge property valuations by submitting a certified appraisal, which, if meeting specific requirements, would compel the appraisal review board to adjust the property's assessed value. These changes are set to take effect gradually, with most provisions becoming active on January 1, 2026, and the initial preparation of disclosure forms beginning after September 1, 2025, with the goal of creating more transparency in real estate transactions and property tax assessments.

Sponsors (1)

Last Action

Referred to s/c on Property Tax Appraisals by Speaker (on 02/27/2025)

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