The bill, S.B. No. 467, introduces a new section to the Texas Tax Code that allows property owners to request a reappraisal of their residence homestead if a building on the property is completely destroyed by a casualty. The request must be made in writing within 180 days of the casualty event. The chief appraiser is required to reappraise the property upon request, unless the property qualifies for an exemption due to the same casualty. Additionally, the comptroller is tasked with developing guidelines for the reappraisal process, including criteria for determining complete destruction and calculating appropriate values for exemptions and appraisal limitations.

Furthermore, the bill outlines the method for calculating taxes on reappraised properties for the year in which the casualty occurs, detailing how to adjust tax amounts based on the number of days before and after the casualty. If a property is reappraised after the tax due has been calculated, the assessor must correct the tax roll and issue a corrected tax bill if necessary. The bill mandates that the comptroller develop and distribute the required guidelines by September 1, 2026, and specifies that the changes apply only to casualties occurring on or after the bill's effective date. The act can take effect immediately with a two-thirds vote or on September 1, 2025, if that vote is not achieved.

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