91st General Assembly
Summary of HB1261
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Short description: 
PROP TX-LOW INCOME HOUSING                                                 

Synopsis of Bill as introduced:
        Amends the Property Tax Code. Provides for special  valuation  of      
   federal  Section  515  low-income  housing projects.  Provides that to      
   determine 33 1/3% of the fair cash value of any Section 515 low-income      
   housing project, local assessment officers must consider the actual or      
   probable net operating income attributable to the project, capitalized      
   at  normal  market  values.   Provides  certification  and  assessment      
   procedures for the valuation.  Authorizes the Department of Revenue to      
   adopt rules to implement and administer  the  Division.    Amends  the      
   State Mandates Act to require implementation without reimbursement.         
        HOUSE AMENDMENT NO. 1.                                                 
        Excepts from the amendatory provisions counties with a population      
   of more than 200,000  that  classify  property  for  the  purposes  of      
        SENATE AMENDMENT NO. 1.                                                
        Provides that in valuing the  low-income  housing  projects,  the      
   interest  rate  to  be  used  in  developing  the  normal market value      
   capitalization rate shall be one that reflects the prevailing cost  of      
   cash  for  other  types  of  commercial  real estate in the geographic      
   market in which the Section 515 project is located.                         
Last action on Bill: PUBLIC ACT.............................. 91-0651

   Last action date: 99-12-06

           Location: House

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   1     SENATE -   1


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