Texas HB4650 amends tax exemptions for community land trusts and housing finance corporations.

HB4650 modifies the Texas Tax Code to provide exemptions from ad valorem taxation for property owned by community land trusts and housing finance corporations. A community land trust can be exempt if it meets charitable organization requirements, owns land for leasing and housing sales, and engages in housing sales or related activities. The exemption applies to land and housing units owned by the trust, and to real or tangible personal property used in the administration of the trust's activities. The exemption is contingent on the governing body adopting it before July 1.

Texas HB4650 amends tax exemptions for community land trusts and housing finance corporations.

HB4650 modifies the Texas Tax Code to provide exemptions from ad valorem taxation for property owned by community land trusts and housing finance corporations. A community land trust can be exempt if it meets charitable organization requirements, owns land for leasing and housing sales, and engages in housing sales or related activities. The exemption applies to land and housing units owned by the trust, and to real or tangible personal property used in the administration of the trust's activities. The exemption is contingent on the governing body adopting it before July 1.