H.B. No. 360 amends the Texas Tax Code to enhance the authority of appraisal review boards regarding changes to the appraisal roll and related records when a residence homestead is sold for less than its appraised value. The bill introduces a new subsection (c-2), allowing the appraisal review board, upon motion from the chief appraiser or property owner, to adjust the appraised value of a property to its sales price if certain conditions are met. These conditions include that the property must qualify as the owner's residence homestead, the sales price must be at least 10 percent lower than the appraised value, and the board must find that the sales price reflects the market value of the property.

Additionally, the bill amends existing subsections (e), (l), and (m) to clarify the process for filing motions and conducting hearings related to appraisal roll corrections. It specifies that a motion can be filed under the new subsection (c-2) regardless of whether the property owner previously protested the property's value. The changes in law will apply only to motions filed after the effective date of the Act, with motions filed before that date governed by the previous law. The Act will take effect immediately if it receives a two-thirds vote from both houses, or on September 1, 2025, if it does not.

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