HB 3608

Abstract

Amends the Property Tax Code. In a Section concerning the platting and subdividing of property into lots in counties with less than 3,000,000 inhabitants, provides that, prior to the payment for sale of a habitable structure or commercial building, the assessed valuation of platted and subdivided property that is not used for business, commercial, or residential purposes shall remain the same as if used for farm or vacant purposes (now, the assessed value is determined each year based on 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). Makes other changes. Effective immediately.