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, added as Subsection (c-2), allows the appraisal review board to change the appraised value of a property to its sales price if the property qualifies as a residence homestead, the sales price is at least 10% lower than the appraised value, and the board finds that the sales price reflects the market value. Additionally, the bill modifies existing subsections (e), (l), and (m) to incorporate this new authority and clarify the process for property owners seeking corrections.

The bill also stipulates that if a motion to correct the appraisal roll is filed and the chief appraiser and property owner do not reach an agreement within 15 days, a hearing must be scheduled by the appraisal review board. The hearing process is outlined, ensuring that all parties involved, including the chief appraiser and taxing units, can present evidence and arguments. The changes in law will apply only to motions filed after the effective date of the Act, which will take effect immediately upon receiving a two-thirds vote from both houses or on September 1, 2025, if such a vote is not achieved.

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