HB4703 - Relating to the application of the market data comparison method of appraisal to determine the market value of real property for ad valorem tax purposes.

  89R16217 PRL-D     By: Turner H.B. No. 4703       A BILL TO BE ENTITLED   AN ACT   relating to the application of the market data comparison method of   appraisal to determine the market value of real property for ad   valorem tax purposes.          BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:          SECTION 1.  Section 23.013, Tax Code, is amended by adding   Subsection (d-1) to read as follows:           (d-1)     For purposes of Subsection (d), the comptroller by   rule shall establish standards to be used by a person when making a   determination that property is comparable to another property. The   standards must require the determination to be based on:                 (1)     the similarity of the properties with regard to   the characteristics described by Subsection (d); and                 (2)     to the extent practicable, the similarity to a   property located in the same appraisal district as the subject   property.          SECTION 2.  As soon as practicable after the effective date   of this Act, the comptroller of public accounts shall establish the   standards required by Section 23.013(d-1), Tax Code, as added by   this Act.          SECTION 3.  This Act takes effect January 1, 2026.