Bill
HB 492
86(R) - 2019
House Ways & Means
Senate Property Tax
House Ways & Means
Senate Property Tax
Appraisal
Taxation
Vote Recommendation
Yes
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Neutral
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Positive
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Neutral
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Positive
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Neutral
Author(s)
Hugh Shine
Drew Darby
Jim Murphy
John Raney
Phil Stephenson
Co-Author(s)
Dwayne Bohac
Sponsor(s)
Larry Taylor
Bill Caption
Relating to a temporary exemption from ad valorem taxation of a portion of the appraised value of certain property damaged by a disaster.
Fiscal Notes
Passage of the bill would create a mandatory percentage disaster exemption for property
damaged by a disaster. Contingent on adoption of a constitutional amendment, 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
HB 492 would create a property tax exemption for qualified property that is damaged in a disaster. The bill would establish a rating system by which appraisers would establish how damaged a property is on a Level 1 to Level IV scale. The amount of exemption a property owner would be entitled to would be set on a sliding scale pegged to the level of damage done to their property. In order to be eligible for the exemption, the property would need to reside in an area declared a disaster area by the Governor.
Vote Recommendation Notes
While we generally do not support targeted tax exemptions, we support HB 492 because it would ensure that tax on a disaster damaged property would be based on the value of the property while it is in its damaged condition rather than the value prior to the damage. This supports limited government and property rights. We support HB 492.
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