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Relating to the applicability of the temporary exemption from ad valorem taxation of a portion of the appraised value of certain property damaged by a disaster.
Passage of the bill would define damage as physical damage to qualify property for the percentage disaster exemption from ad valorem taxation. As a result, taxable values could be increased and the related savings to the state could be increased through the operation of the school finance formulas.
SB 1427 seeks to add clarity to a bill and constitutional amendment that was approved last session allowing property owners a tax exemption for disaster-damaged property. The bill was not clear that the damage had to be physical damage to qualify for a Tier 1 exemption, so SB 1427 seeks to clarify this point.
Texas Action is neutral on SB 1427.
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