House Bill No. 360 amends the Texas Tax Code to enhance the authority of appraisal review boards regarding changes to the appraisal roll when a residence homestead is sold for less than its appraised value. The bill introduces a new subsection (c-2) that allows the appraisal review board, upon motion from either the chief appraiser or the property owner, to issue a written order to adjust the appraised value of the property to its sales price for the current tax year and up to two preceding years. This adjustment is contingent upon the property qualifying as the owner's residence homestead, the sales price being at least 10 percent lower than the appraised value, and the board determining that the sales price reflects the market value of the property.

Additionally, the bill modifies existing subsections (e), (l), and (m) to incorporate the new provisions and clarify the process for filing motions related to appraisal roll corrections. It specifies that a hearing must be scheduled if the chief appraiser and property owner cannot agree on the correction within 15 days of the motion being filed. The bill also states that the changes apply only to motions filed after the effective date of the Act, with prior motions governed by the law in effect at the time of filing. The Act will take effect immediately if it receives a two-thirds vote from both houses; otherwise, it will take effect on September 1, 2025.

Statutes affected:
Introduced: Tax Code 25.25 (Tax Code 25)