There are two new Texas bills that will become law on January 1, 2010, that could affect property owners in certain counties including Travis county in Austin.
House Bill 3612
- concerns the appeal of property appraisals in several Texas counties, including Travis. This bill is for properties that appraise for over $1M, and offers property owners additional recourse after they lose an appeal of its valuation. This is a temporary law set to expire Jan 1, 2013. I find the expiration date of the most interest. Perhaps this is their way of saying they feel that property valuations should be well stablized by then.
House Bill 8
- adjusts the annual study of school district property values to every two years for certain school districts instead of the current annual review. My understanding of this law is that it will slow down the readjustments of the tax rate for certain school districts, most likely the ones that are in affluent neighborhoods.