85(R) - 2017
Relating to the reappraisal for ad valorem taxation purposes of real property on which a building completely destroyed by a casualty is located.
Passage of the bill would require that a chief appraiser reappraise a property destroyed by casualty upon the property owner's request. 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.
The Comptroller's office reports that the cost of the bill cannot be estimated, however the Comptroller's office provided a hypothetical example of the potential losses that might be incurred in a typical year given certain assumptions. These hypothetical costs are included in the following section of this fiscal note and is for illustrative purposes only.
SB 972 would allow a property owner to request for a reappraisal of his or her property if it was completely destroyed by a casualty. The owner must submit a request in writing no later than the 180th after the date the casualty occurred. Procedures for reappraisal by the chief appraiser, the calculation of taxes, the assessment of the new tax amount, and any tax refunds would be established.
Vote Recommendation Notes
Texas Action supports this bill. SB 972 upholds our principles of property rights and individual liberty by giving those burdened by casualty loss a way to be partially relieved of tax burdens are assessed at a rate that is rendered disproportionate after the casualty. For these reasons we support SB 972.