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HB 0794 - Ad valorem taxation; property; change certain definitions
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Tracking Level: Negotiating
Sponsor: Mayo,Rahn 91st
Last Action: 1/26/2012 - House Second Readers
State Code Titles: 48
House Committee: W&M
Assigned To:
Clint MuellerNext Bill
Property TaxNext Bill

Staff Analysis of the Legislation

HB 794 makes two significant changes in definition of 'fair market value of property' for ad valorem tax purposes. First, it changes the most recent transaction amount from being a mandatory maximum amount to merely being an item of consideration in setting FMV. Second, it changes the laundry list of factors which a tax assessor is required to apply when determining to merely being items which must be considered.


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