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Relating to the determination that certain property is used as an aid or facility incidental to or useful in the operation or development of a port or waterway or in aid of navigation-related commerce for purposes of the application of certain ad valorem tax laws.
Passage of the bill would exempt property used as an aid or facility incidental to or useful in the operation or development of a port or waterway or in aid of navigation-related commerce for the purpose of a leasehold or other possessory interest in from ad valorem taxation. As a result, taxable property values could be reduced and the related costs to the Foundation School Fund could be increased through the operation of the school finance formulas.
SB 1315 would provide clarification to the term "navigation-related commerce" which would help county tax appraisal districts more fairly assign tax exemptions to qualifying individuals.
Texas Action is neutral on SB 1315. While we are generally opposed to tax carve-outs for preferred classes, this bill simply would provide clarity and legislative guidance on the application of an already existing tax exemption.
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