H.B. No. 4703 amends the Texas Tax Code by adding a new subsection (d-1) to Section 23.013, which pertains to the market data comparison method of appraisal for determining the market value of real property for ad valorem tax purposes. This new subsection mandates that the comptroller of public accounts establish specific standards for determining property comparability. These standards must focus on the similarity of properties based on certain characteristics and, where feasible, prioritize comparisons with properties located within the same appraisal district as the subject property.

The bill requires the comptroller to 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 enhance the consistency and accuracy of property appraisals for tax purposes by providing clearer guidelines for comparability assessments.

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