S.B. No. 426

AN ACT
relating to qualification for an ad valorem tax exemption for
property used to provide low-income or moderate-income housing in
the event of a change in ownership of the property as a result of a
foreclosure sale.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 11.182, Tax Code, is amended by amending
Subsection (j) and adding Subsection (k) to read as follows:
(j) An organization may not receive an exemption under
Subsection (b) or [under Subsection] (f)[, as added by Chapter
1191, Acts of the 77th Legislature, Regular Session, 2001,] for
property for a tax year [beginning on or after January 1, 2004,]
unless the organization received an exemption under that subsection
for the [that] property for any part of the 2003 tax year.
(k) Notwithstanding Subsection (j) of this section and
Sections 11.43(a) and (c), an exemption under Subsection (b) or (f)
does not terminate because of a change in the ownership of the
property if the property is sold at a foreclosure sale and, not
later than the 30th day after the date of the sale, the owner of the
property submits to the chief appraiser evidence that the property
is owned by an organization that meets the requirements of
Subsections (b)(1), (2), and (4). If the owner of the property
submits the evidence required by this subsection, the exemption
continues to apply to the property for the remainder of the current
tax year and for subsequent tax years until the owner ceases to
qualify the property for the exemption. This subsection does not
prohibit the chief appraiser from requiring the owner to file a new
application to confirm the owner’s current qualification for the
exemption as provided by Section 11.43(c).
SECTION 2. This Act takes effect immediately if it receives
a vote of two-thirds of all the members elected to each house, as
provided by Section 39, Article III, Texas Constitution. If this
Act does not receive the vote necessary for immediate effect, this
Act takes effect September 1, 2007.

______________________________ ______________________________
President of the Senate Speaker of the House

I hereby certify that S.B. No. 426 passed the Senate on
March 28, 2007, by the following vote: Yeas 30, Nays 0;
May 4, 2007, Senate refused to concur in House amendment and
requested appointment of Conference Committee; May 14, 2007, House
granted request of the Senate; May 17, 2007, Senate adopted
Conference Committee Report by the following vote: Yeas 31,
Nays 0.

______________________________
Secretary of the Senate

I hereby certify that S.B. No. 426 passed the House, with
amendment, on April 12, 2007, by the following vote: Yeas 135,
Nays 8, two present not voting; May 14, 2007, House granted request
of the Senate for appointment of Conference Committee;
May 21, 2007, House adopted Conference Committee Report by the
following vote: Yeas 121, Nays 19, one present not voting.

______________________________
Chief Clerk of the House

Approved:

______________________________
Date

______________________________
Governor