Bill: HB 331, 85(1) - 2017
Committee
House Ways and Means
Vote Recommendation
| Vote Recommendation |
Economic Freedom |
Property Rights |
Personal Responsibility |
Limited Government |
Individual Liberty |
| Yes |
Neutral |
Positive |
Neutral |
Neutral |
Neutral |
Author(s)
Sarah Davis
Bill Caption
Relating to the reappraisal for ad valorem tax purposes of property damaged in a disaster.
Fiscal Notes
From LBB: 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 the amount of value loss
caused by future disasters is unknown, the cost of the bill cannot be determined; however,
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.
HB 331 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.
Vote Recommendation Notes
This bill 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 331.
