Author: Glenn Goodrich
(Note: this blog post is written with a slant toward residential property, but Sec. 11.35 of the Texas Property Tax code applies to commercial properties and Business Personal Property as well.)
We have written before about those tasks that pay $500/hr. rate (like filing your homestead exemption). Get ready for another one!!
The recent near zero-degree weather we experienced in Texas was brutal. While some made it through with minor power and water outages, others experienced ruptured pipes and water flowing like a fire hose through the house. This can cause major damage to a structure and after Hurricane Harvey devastated much of the Houston area, the Texas Legislature went to work in the 2019 session and wrote Section 11.35 to the Texas Property Tax Code effective January 1, 2020. The intent of this section was to amend how Texans can apply for a reduced property tax bill due to property damage as a result of a disaster declaration by the governor.
Under Section 11.35, once the governor issues a Disaster Declaration for your area, taxpayers could be eligible for part of their Market Value to be exempt from taxation on a pro-rata basis for the year in which the Declaration was issued. Here’s the nuts and bolts of this part of the tax code.
- Your damage loss must be equal to or greater than 15% of the value of the improvement part of the market value as reported by the chief appraiser for 2021 (you will get the notice of value in mid-April).
- If your damage is equal to or greater than 15% of the value of the improvement component of the value for 2021, then the chief appraiser will assign a damage assessment rating and Exemption Percentage using a table like the following.
- If your damage is equal to or greater than 15% of the value of the improvement component of the value for 2021, then the chief appraiser will assign a damage assessment rating and Exemption Percentage using a table like the following.
