HB4043 - Relating to a limitation on the frequency with which an appraisal district may reappraise property for ad valorem tax purposes.

  89R14240 MLH-D     By: Schatzline H.B. No. 4043       A BILL TO BE ENTITLED   AN ACT   relating to a limitation on the frequency with which an appraisal   district may reappraise property for ad valorem tax purposes.          BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:          SECTION 1.  Section 25.18, Tax Code, is amended by amending   Subsection (b) and adding Subsection (b-1) to read as follows:          (b)  The plan shall provide for the following reappraisal   activities for all real and personal property in the district [ at   least ] once every three years:                (1)  identifying properties to be appraised through   physical inspection or by other reliable means of identification,   including deeds or other legal documentation, aerial photographs,   land-based photographs, surveys, maps, and property sketches;                (2)  identifying and updating relevant characteristics   of each property in the appraisal records;                (3)  defining market areas in the district;                (4)  identifying property characteristics that affect   property value in each market area, including:                      (A)  the location and market area of property;                      (B)  physical attributes of property, such as   size, age, and condition;                      (C)  legal and economic attributes; and                      (D)  easements, covenants, leases, reservations,   contracts, declarations, special assessments, ordinances, or legal   restrictions;                (5)  developing an appraisal model that reflects the   relationship among the property characteristics affecting value in   each market area and determines the contribution of individual   property characteristics;                (6)  applying the conclusions reflected in the model to   the characteristics of the properties being appraised; and                (7)  reviewing the appraisal results to determine   value.           (b-1)     Notwithstanding Subsection (b), an appraisal office   may reappraise property in the year immediately following a year in   which the ownership of the property changes.          SECTION 2.  As soon as practicable after the effective date   of this Act but not later than December 31, 2025, each appraisal   office that has implemented a plan for periodic reappraisals of   property in the appraisal district shall amend that plan if   necessary to conform to the change in law made by this Act.          SECTION 3.  This Act takes effect immediately if it receives   a vote of two-thirds of all the members elected to each house, as   provided by Section 39, Article III, Texas Constitution.  If this   Act does not receive the vote necessary for immediate effect, this   Act takes effect September 1, 2025.