The bill, H.B. No. 4703, amends Section 23.013 of the Texas Tax Code to enhance the market data comparison method used for appraising real property for ad valorem tax purposes. It introduces a new Subsection (d-1), which mandates the comptroller to establish specific standards for determining property comparability. These standards will require appraisers to assess the similarity of properties based on defined characteristics and, where feasible, to prioritize comparisons with properties located within the same appraisal district as the subject property.

Additionally, the bill stipulates that the comptroller of public accounts must implement these standards as soon as practicable after the bill's effective date, which is set for January 1, 2026. This legislative change aims to create a more consistent and fair approach to property valuation for tax purposes, ensuring that appraisals are based on relevant and comparable data.

Statutes affected:
Introduced: Tax Code 23.013 (Tax Code 23)