HB 1186

Abstract

Amends the Property Tax Code. In a Section concerning the platting and subdividing of property into lots with streets and other improvements in counties of less than 3,000,000 inhabitants, provides that the Section applies to subsequent owners and developers of unplatted, unsubdivided property. Provides that, until (i) the completion of a habitable structure on the property, (ii) the use of the property for business, commercial, or residential purposes, or (iii) the sale of any platted lot, the assessed value for the calendar year in which the property was platted, subdivided, and recorded shall be determined each year based on the same assessment methodology used in the calendar year immediately preceding the calendar year in which the land was platted, subdivided, and recorded (instead of the estimated price the property would bring at a fair voluntary sale for use by the buyer for the same purposes for which the property was used when last assessed prior to its platting). Effective immediately.