Texas § GV.403.605 - TAXABLE VALUE OF ELIGIBLE PROPERTY

§ GV.403.605. TAXABLE VALUE OF ELIGIBLE PROPERTY

TAXABLE VALUE OF ELIGIBLE PROPERTY. (a) The taxable value for school district maintenance and operations ad valorem tax purposes of eligible property subject to an agreement for each tax year of the incentive period prescribed by the agreement is equal to: (1) 50 percent of the market value of the property for that tax year; or (2) if the property is located in a qualified opportunity zone, 25 percent of the market value of the property for that tax year. (b) The taxable value of eligible property for school district maintenance and operations ad valorem tax purposes is zero for each tax year beginning with the tax year following the year in which the agreement pertaining to the property is entered into and ending December 31 of the tax year that includes the construction completion date for the applicable eligible project. (c) The chief appraiser for the appraisal district in which eligible property is located shall determine the market value and appraised value of the property and include the market value, appraised value, and taxable value of the property as determined under this section in the appraisal records for the appraisal district. (d) The chief appraiser for the appraisal district in which eligible property subject to an agreement is located may not use an estimated value included in the application to which the agreement pertains to determine the market value of the property. Added by Acts 2023, 88th Leg., R.S., Ch. 377 (H.B. 5 ), Sec. 1, eff. January 1, 2024.