The main goal of the controversial bill is to help ease the tax burden on Texas property owners.
SB2 introduces numerous amendments to the Tax Code.
SB2 also amends some details about the Appraisal Review Board, particularly its special panels.
ARB members must have lived in the appraisal district for at least two years and must meet specific eligibility requirements before they can serve in the Appraisal Review Board.
The ARB does not have a role in property appraisal or in the everyday operations of the appraisal district.
It can only act on protests filed with it.
A top priority of state lawmakers for many years, the Texas Property Tax Reform and Transparency Act of 2019 was finally signed into law last month.
The expansive Senate Bill 2 (SB2) aims to slow the growth of property taxes in the state.
The goal is to ease the huge tax burden on property owners.
Among the amendments included in SB2 are those that define or redefine terms used in the Tax Code.
“De minimis rate” is the total of (1) the no-new-revenue maintenance and operations rate (M) of a taxing unit, (2) the current debt rate of a taxing unit, and (3) the rate that will impose taxes amounting to $500,000 when applied to the current total value of a taxing unit.
“Special taxing unit” refers to a taxing unit, with the exception of a school district, that has a proposed M rate of 2.5 cents or fewer per every $100 of taxable value for the current tax year.