The bill, H.B. No. 291, aims to enhance the appraisal process of real property for ad valorem tax purposes in Texas by introducing a new requirement for purchasers or grantees of real property to file a sales price disclosure report with the chief appraiser of the relevant appraisal district. This report must be submitted within ten days of the deed's recording and includes specific information about the sale, such as the sales price and financing method. Certain exemptions are outlined, including transfers made under court orders, to or from bankruptcy trustees, and between family members. The bill also mandates that appraisal districts provide the necessary forms and instructions for filing these reports.

Additionally, the bill amends existing provisions regarding the appraisal process, including the burden of proof in property value protests and the penalties for false statements in appraisal documents. It establishes that the chief appraiser may use the information from the sales price disclosure report to determine property value but cannot solely rely on it to increase the market value. The bill sets a timeline for implementation, with the new requirements taking effect on January 1, 2026, while other provisions will be effective from September 1, 2025.

Statutes affected:
Introduced: Tax Code 23.013, Tax Code 41.43, Penal Code 37.10 (Tax Code 41, Tax Code 23, Penal Code 37)