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Texas Special District Local Laws Code - SDLL § 7811.154. Tax Abatement Agreement

Current as of January 01, 2024 | Updated by Findlaw Staff

(a) The district may enter into a tax abatement agreement by agreeing, in writing, with the owner of taxable real property that is located in a reinvestment zone to exempt from taxation a portion of the value of the real property or of tangible personal property located on the real property, or both, for a period not to exceed 30 years, on the condition that the owner of the property make specific improvements or repairs to the property.

(b) The real property covered by the agreement may not be located in an improvement project financed by tax increment bonds.

(c) The agreement is subject to the rights of holders of outstanding bonds of the district.

(d) The agreement may:

(1) provide for the exemption of the real property in each year covered by the agreement only to the extent its value for that year exceeds its value for the year in which the agreement is executed;

(2) provide for the exemption of tangible personal property located on the real property in each year covered by the agreement other than tangible personal property that was located on the real property at any time before the period covered by the agreement with the district; and

(3) cover more than one commercial-industrial or residential project. (Acts 68th Leg., R.S., Ch. 1081, Secs. 16A (part), 16E(a).)

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Cite this article: FindLaw.com - Texas Special District Local Laws Code - SDLL § 7811.154. Tax Abatement Agreement - last updated January 01, 2024 | https://codes.findlaw.com/tx/special-district-local-laws-code/sdll-sect-7811-154/

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