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Under current law, the governing body of a taxing unit has the option to reappraise property damaged after a disaster.
House Bill 513 would require the chief appraiser of the respective appraisal district to reappraise a property in a declared disaster area that the Federal Emergency Management Agency estimates to have sustained five percent or greater damage as a direct result of the disaster. The property owner would maintain the authority to refuse the reappraisal.
The Comptroller’s office would be responsible for the implementation and adoption of rules to administer the reappraisal program.
House Bill 513 upholds our property rights principle by ensuring reappraisal of a property significantly damaged in a disaster. Property owners should not have to pay taxes based on a previous valuation after a disaster has clearly diminished the market value of that property. We support requiring a reappraisal to take into account the new market value of a disaster-affected property, therefore we support HB 513.