Texas Tax Code

Sec. § 23.21
Property Used to Provide Affordable Housing


(a)

In appraising real property that is rented or leased to a low-income individual or family meeting income-eligibility standards established by the owner of the property under regulations or restrictions limiting to a percentage of the individual’s or the family’s income the amount that the individual or family may be required to pay for the rental or lease of the property, the chief appraiser shall take into account the extent to which that use and limitation reduce the market value of the property.

(b)

In appraising real property that is rented or leased to a low-income individual or family meeting income-eligibility standards established by a governmental entity or under a governmental contract for affordable housing limiting the amount that the individual or family may be required to pay for the rental or lease of the property, the chief appraiser shall take into account the extent to which that use and limitation reduce the market value of the property.

(c)

In appraising land or a housing unit that is leased by a community land trust created or designated under Section 373B.002 (Creation or Designation), Local Government Code, to a family meeting the income-eligibility standards established by Section 373B.006 of that code under regulations or restrictions limiting the amount that the family may be required to pay for the rental or lease of the property, the chief appraiser shall take into account the extent to which that use and limitation reduce the market value of the property.

(d)

In appraising a housing unit that the owner or a predecessor of the owner acquired from a community land trust created or designated under Section 373B.002 (Creation or Designation), Local Government Code, and that is located on land owned by the trust and leased by the owner of the housing unit, the chief appraiser shall take into account the extent to which any regulations or restrictions limiting the right of the owner of the housing unit to sell the housing unit, including any limitation on the price for which the housing unit may be sold, reduce the market value of the housing unit.

(e)

In appraising real property that was previously owned by an organization that received an exemption for the property under Section 11.181 (Charitable Organizations Improving Property for Low-income Housing)(a) and that was sold to a low-income individual or family meeting income eligibility standards established by the organization under regulations or restrictions limiting to a percentage of the individual’s or the family’s income the amount that the individual or family was required to pay for purchasing the property, the chief appraiser shall take into account the extent to which that use and limitation and any resale restrictions or conditions applicable to the property established by the organization reduce the market value of the property.
Added by Acts 1997, 75th Leg., ch. 980, Sec. 53, eff. Jan. 1, 1998. Amended by Acts 1999, 76th Leg., ch. 62, Sec. 16.04, eff. Sept. 1, 1999.
Amended by:
Acts 2011, 82nd Leg., R.S., Ch. 383 (S.B. 402), Sec. 4, eff. January 1, 2012.
Acts 2011, 82nd Leg., R.S., Ch. 1309 (H.B. 3133), Sec. 3, eff. June 17, 2011.
Acts 2013, 83rd Leg., R.S., Ch. 161 (S.B. 1093), Sec. 22.001(41), eff. September 1, 2013.
Source

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Jun. 7, 2021