H.B. No. 360 amends the Texas Tax Code to grant appraisal review boards the authority to adjust the appraisal roll and related records when a residence homestead is sold for less than its appraised value. The new provision allows the appraisal review board, upon motion from either the chief appraiser or the property owner, to change the appraised value of the 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 modifies existing procedures for filing motions related to appraisal 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 bill also outlines the process for scheduling hearings on these motions, ensuring that all parties involved receive timely notice and the opportunity to present evidence. The changes will 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.

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