Limits increases in appraised value for ad valorem tax purposes of leased residential real property.

The bill amends the Tax Code to limit increases in the appraised value for ad valorem tax purposes of certain leased residential real property. It applies to single-family residential properties leased to a lessee for a rent that does not exceed the fair market rent. The limitation on appraised value takes effect on January 1 of the tax year following the first tax year in which the owner leases the property. The bill also modifies the process for protesting appraised value determinations and includes provisions for the comptroller to study the market value of property in school districts.

Limits increases in appraised value for ad valorem tax purposes of leased residential real property.

The bill amends the Tax Code to limit increases in the appraised value for ad valorem tax purposes of certain leased residential real property. It applies to single-family residential properties leased to a lessee for a rent that does not exceed the fair market rent. The limitation on appraised value takes effect on January 1 of the tax year following the first tax year in which the owner leases the property. The bill also modifies the process for protesting appraised value determinations and includes provisions for the comptroller to study the market value of property in school districts.