After years of advocating for changes to the states property tax system, Texas REALTORS have succeeded in giving taxpayers more information about how tax rates are set and how to engage in the rate-setting process that determines your property tax bill. If a municipality seeks to annex an area into its limits, the municipality must now hold an election of the affected residents. a. The material provided here is for informational purposes only and is not intended and should not be considered as legal advice for your particular matter. Now we just need questions pertaining to Lead Based Pipes. From the Legal Hotline: Investors and Disclosures, TREC Adopts a New Form and Updates the Contracts, What Sellers Disclosure Rules Mean for You and Your Clients. With Texas REALTORS member benefit Mylo, you can quickly find the coverage you need at the best value from 40-plus, Bias Override: Overcoming Barriers to Fair Housing is a free online event on April 24 designed to help real estate, Issues Mobilization and Political Advocacy Assessment, TACS Texas Accredited Commercial Specialist, TAHS Texas Affordable Housing Specialist, TRLP Texas REALTORS Leadership Program, TRLS Texas Residential Leasing Specialist, TRPM Texas Residential Property Manager, Sales of Million-Dollar Homes in Texas Report. Thank you to all that voted in favor of!! This new law reduces the lookback period from five to three years and reduces the interest due from 7% to 5%. How does a property owner know they are in the 500 year flood plain if they have never had any issues? Senate Bill 7 (authored by Sen. Lois Kolkhorst and sponsored by Rep. Dade Phelan) creates the Flood Infrastructure Fund to finance flood mitigation projects. Applicability of the legal principles discussed in this material may differ substantially in individual situations. Does Your Seller Have a Duty to Update a Disclosure With New Information? severance tax), split between the State Highway Fund and the Economic Stabilization Fund (a.k.a. I believe a web address should be included in the sellers disclosure where sellers and agents could find the current Flood insurance rate map. Thats why we go on record in opposition to legislation that would have detrimental effects on Texas real estate. Currently, when a property changes its use classification from agricultural to non-agricultural, county chief appraisers can assess the owners five years of retroactive taxes based on the new classification, plus 7% interest per year. Unfortunately the FEMA maps do not specifically say 500 year flood plain they define it by ie .2% chance of flooding.perhaps the form should use different wording so that it jives with the FEMA maps. The revised disclosure notice is mandatory starting Sept. 1 . House Bill 6 (authored by Rep. Geanie Morrison and sponsored by Sen. Lois Kolkhorst) creates a disaster recovery task force to assist with long-term recovery plans. I agree with Emily, that Web Addy would help all of us double check to make sure we have the right information for our area. May 14, 2019 | Author: Texas REALTORS Staff. Texas REALTORS supported the bills that resulted in these changes. c. You will not post content or take any action on our blog posts that infringes someone elses rights or otherwise violates the law. One of the most impactful changes is the lowering of school property tax rates statewide, which provides $5.1 billion in tax relief through an average eight-cent tax rate reduction in 2019-2020 and 13-cent reduction in 2020-2021. The new law requires central appraisal districts to create online databases to: The new law also makes changes to the rollback rate that is currently at 8% for local taxing entities: The Texas Legislature unanimously approved legislation to reform the public school finance system and the property tax system: House Bill 3, authored by Rep. Dan Huberty and sponsored by Sen. Larry Taylor. Texas REALTORS staff worked on your behalf with the Sunset Commission and staff on final recommendations for TREC that were reflected in the legislationREALTOR-supported Senate Bill 624, authored by Sen. Robert Nichols and sponsored by Rep. Senfronia Thompson. What about investors? You will not use our blog posts or posted content to do anything unlawful, misleading, malicious, or discriminatory; and. Texas REALTORS is committed to advocating for a strong real estate industry, advancing a culture of continued learning, and staying ahead of issues concerning members and their clients. The new law implements several REALTOR-supported measures that enhance transparency for taxpayers. This REALTOR-supported law is a comprehensive reform of the states public school finance system and property tax system to lessen the burden on local property taxpayers while increasing the states investment in educators and students. The new law extends provisions related to that constitutional amendment to ensure no interruption of funding for 10 years, continuing voters desire to invest in transportation projects. Then, we monitored bills that had the potential to directly or indirectly affect the Texas real estate industry. The new law will keep cities from using construction fees as a backdoor tax for the funding of other services, bring greater fairness to the distribution of the fee burden, and prevent cities from requiring sales price disclosure as part of the permitting process. The material provided here is for informational purposes only and is not intended and should not be considered as legal advice for your particular matter. There is a FEMA Flood Map Services Center info map at the end of CRS report From the Hotline: When to Provide the Seller's Disclosure Notice, Get Clarity About Flood Risks and Disclosure Requirements, What to do if Clients Have Questions About the Updated Sellers Disclosure Notice, Updated Sellers Disclosure Notice Available August 1, Watch: 5 Things You Don't Know About the Seller's Disclosure Notice, 5 Tips About the Sellers Disclosure Notice That May Surprise You. Greg Abbott. Texas REALTORS is committed to advocating for a strong real estate industry, advancing a culture of continued learning, and staying ahead of issues concerning members and their clients. (Currently, these elections may only happen if voters petition for them.). Any legal or other information found on this page or at other sites to which we link, should be verified before it is relied upon. The 86th Texas Legislature passed two bills that add questions to the Seller's Disclosure Notice (TXR 1406) regarding flooding, such as whether the seller's property is located wholly or partly in a 500-year floodplain or whether the seller has ever filed a claim for flood damage. This new law further updates those provisions to allow more homeowners the ability to access the hard-earned equity in their homes while maintaining the strong consumer protections in the Texas Constitution. Abbotts website. In many residential sales, sellers are required to provide information about the condition of the pr See if you understand how these five situations affect the use of the seller's disclosure notice. Senate Bill 6 (authored by Sen. Lois Kolkhorst and sponsored by Rep. Geanie Morrison) creates a disaster response plan for local officials. You will not post any defamatory, discriminatory, libelous, threatening, vulgar, sexually explicit, abusive, profane, rude, or obscene content (including comments); b. How could this come back to haunt them? After the devastating effects of Hurricane Harvey and other recent natural disasters were experienced across the state, Texas lawmakers passed several bills this session to increase resources for affected property owners and create disaster recovery and prevention plans. This is based on a rainfall study and not a flood study Lawsuits will be filled and they expect the ordinance to stay in play until the lawsuits are decided by the TXRead more . Use the flood map to find their location orhave their Realtor do it for them. House Bill 1254, authored by Rep. Jim Murphy and sponsored by Sen. Kelly Hancock, will allow a property owner to use agricultural land as collateral for a home equity loan. This pro-consumer law is the most comprehensive update to the sellers disclosure since the statements creation in 1993. REALTOR-supported House Bill 1743, authored by Rep. Tracy King and sponsored by Sen. Brandon Creighton, reduces change-of-use lookback taxes due when a property is changed from agricultural to non-agricultural use. d. You will not post any information intended to sell or advertise a business, product, or service. In 2018, the Texas Real Estate Commission underwent whats known as sunset reviewa process for state agencies during which Texas Sunset Advisory Commission staff evaluate the agency and issue recommendations for positive change. This new law prevents a governmental entity (city/county) from requiring or prohibiting the use of certain building methods, products, or materials in the construction of a residential or commercial structure. The updated disclosure notice will be available August 1 on texasrealestate.com and from form-fill vendors. I have wondered why best I not speculate. In 2014, 80% of voters approved an amendment to the Texas Constitution to allocate revenue from oil and gas production tax (a.k.a. Larry Taylor and Paul Bettencourt, propose a constitutional amendment to provide a temporary property tax exemption for qualified property damaged by a disaster, with the following ballot language: The constitutional amendment authorizing the legislature to provide for a temporary exemption from ad valorem taxation of a portion of the appraised value of certain property damaged by a disaster.. You should contact your attorney to obtain advice with respect to any particular issue or problem. The 86 th Texas Legislature adjourned May 27, closing out a monumental session for Texas real estate consumers and private property rights. Keeps rollback rate at 8% for special taxing units, including: Renames the rollback rate the voter-approval tax rate, Renames the effective rate the no-new-revenue tax rate., Provides $6.5 billion in additional funding to public education and school employee compensation, Increases the states share of education funding from 38% to 45%, Reduces recapture by 47% ($3.6 billion) in the next biennium, Raises the basic allotment from $5,140 to $6,160 per student, benefiting all school districts, Sales tax revenue from the Wayfair court decision ($300 million per year), Available School Fund revenue to be used for increased school funding ($600 million per year), Any severance tax revenue diversion provided by the Texas Constitution to be used for tax compression. House Joint Resolution 4, authored by Rep. Dade Phelan and sponsored by Sen. Brandon Creighton, proposes a constitutional amendment to create a fund to aid in financing flood mitigation projects, with the following ballot language: The constitutional amendment providing for the creation of the flood infrastructure fund to assist in the financing of drainage, flood mitigation, and flood control projects., House Bill 492/House Joint Resolution 34, authored by Rep. Hugh Shine and sponsored by Sens. the states Rainy Day Fund). The sellers insurance carrier is the best source. How the legislative session affected Texas real estate, Texas REALTORS support more disclosure for real estate consumers, Assume Nothing About What Your Clients Know. The new law implements the Sunset Commissions recommendations for TREC, such as extending TREC for six years, allowing the agency to maintain its self-directed, semi-independent status, and requiring additional reporting to the Legislature, governor, and Sunset Commission. 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