Texas SB2539 amends the Tax Code to require municipalities to notify property owners and gain majority approval before issuing tax increment bonds.

Texas SB2539 amends Section 311.015 of the Tax Code to modify the process for issuing tax increment bonds by certain municipalities. The bill mandates that municipalities provide reasonable written notice to property owners in the designated tax increment reinvestment zone about the public hearing for adopting the ordinance. Additionally, the ordinance must receive an affirmative vote from at least a majority of the governing body members. The changes apply only to ordinances adopted after the effective date of the Act and do not affect bonds issued before then.

Texas SB2539 amends the Tax Code to require municipalities to notify property owners and gain majority approval before issuing tax increment bonds.

Texas SB2539 amends Section 311.015 of the Tax Code to modify the process for issuing tax increment bonds by certain municipalities. The bill mandates that municipalities provide reasonable written notice to property owners in the designated tax increment reinvestment zone about the public hearing for adopting the ordinance. Additionally, the ordinance must receive an affirmative vote from at least a majority of the governing body members. The changes apply only to ordinances adopted after the effective date of the Act and do not affect bonds issued before then.