HB3846

Amends ad valorem tax exemptions for affordable housing projects and other properties.

Amends the tax code to modify provisions related to certain property developed or operated as an affordable housing project. Specifies that property providing residential accommodations for the aged, owned by a nonprofit entity, and located in any county of the state is exempt from ad valorem taxation. Requires the owner to submit a report to the county assessor regarding the occupancy rate for the preceding calendar year. If the average occupancy rate is less than 75%, the property shall not be exempt for any subsequent assessment year unless the average occupancy rate is at least 75%.