Bill Caption

Relating to the reappraisal for ad valorem tax purposes of property damaged in a disaster.

Fiscal Notes

Passage of the bill would require, rather than permit, the reappraisal of property in a disaster area at its market value immediately after the disaster. 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.

Bill Analysis

Under current law, the governing body of a taxing unit has the option to reappraise property damaged after a disaster. Procedures and guidelines to carry out this reappraisal are outlined in current code. SB 717 would assign these duties to the chief appraiser of the respective appraisal district and mandate that the reappraisal be done. The bill would only apply to property that FEMA estimates to have sustained 5% or greater damage as a result of the disaster, and would allow a homeowner to refuse having their property reappraised.  

Vote Recommendation Notes

Texas Action supports this bill. SB 717 upholds our principles or personal responsibility and property rights by requiring, rather than allowing, the assigned authority to reappraise property damaged by disasters. This would ensure homeowners are taxed at a fair rate following a disaster which would devalue their property.