Provide information about when and where a property owners local taxing entities are holding public hearings to set their tax rates. This session, the association successfully opposed legislation on issues including mandatory sales price disclosure, appraisal caps, and weakening equal and uniform appraisal standards. The updates add significant information related to flooding and provide buyers with in-depth information about past flooding on a property and its structures, while still limiting the sellers liability. The following REALTOR-supported bills have been signed into law: REALTOR-supported Senate Bill 1414, authored by Sen. Kelly Hancock and sponsored by Rep. Dade Phelan, establishes clearer parameters around fees that may be assessed for the late payment of rent. While Texas REALTORS has used reasonable efforts in collecting and preparing materials included here, due to the rapidly changing nature of the real estate marketplace and the law, and our reliance on information provided by outside sources, Texas REALTORS makes no representation, warranty, or guarantee of the accuracy or reliability of any information provided here. c. You will not post content or take any action on our blog posts that infringes someone elses rights or otherwise violates the law. Abbotts website. I have wondered why best I not speculate. See a redlined version of the Sellers Disclosure Notice on texasrealestate.com. 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. House Bill 7 (authored by Rep. Geanie Morrison and sponsored by Sen. Joan Huffman) creates a disaster recovery plan to be enacted by state agencies as needed. House Bill 5 (authored by Rep. Dade Phelan and sponsored by Sen. Lois Kolkhorst) creates a catastrophic debris management plan and training for cities and counties. The updated disclosure notice will be available August 1 on texasrealestate.com and from form-fill vendors. Most cities and counties will be subject to a 3.5% rollback rate, Most cities and counties will have automatic elections if they exceed the rollback rate. What if you listed the house in July and closed this week and didnt use the new form ? 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. This will affect approximately 2700 homes in the Travis County area. Yes! This needed to happen. 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 Texas Legislature agreed that property tax reform is critical, passing REALTOR-supported Senate Bill 2, also known as The Texas Property Tax Reform and Transparency Act.. One attorneys opinion is that if the Seller or their agent sends the outdated version to a Buyer, it is as if they did not receive the SD at all and Buyer could terminate the contract. While Texas REALTORS has used reasonable efforts in collecting and preparing materials included here, due to the rapidly changing nature of the real estate marketplace and the law, and our reliance on information provided by outside sources, Texas REALTORS makes no representation, warranty, or guarantee of the accuracy or reliability of any information provided here. Thank you to all that voted in favor of!! Your association read and analyzed every bill that was filed this session to ensure the interests of Texas REALTORS and real estate consumers were protected. 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. As leaders in the fight for property tax and school finance reform, Texas REALTORS issued a press release with comments from Chairman Tray Bates reinforcing our support of the legislation when the final version was rolled out. This new law reduces the lookback period from five to three years and reduces the interest due from 7% to 5%. There is a FEMA Flood Map Services Center info map at the end of CRS report You will not post any defamatory, discriminatory, libelous, threatening, vulgar, sexually explicit, abusive, profane, rude, or obscene content (including comments); b. c. You will not post content or take any action on our blog posts that infringes someone elses rights or otherwise violates the law. REALTOR-supported House Bill 2439, authored by Rep. Dade Phelan and sponsored by Sen. The sellers insurance carrier is the best source. 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. Anyone in a 500 year floodplain will now be in a 100 year floodplain. 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. Senate Bill 6 (authored by Sen. Lois Kolkhorst and sponsored by Rep. Geanie Morrison) creates a disaster response plan for local officials. Senate Bill 8 (authored by Sen. Charles Perry and sponsored by Rep. Lyle Larson) creates a statewide flood plan. The 86th Texas Legislature adjourned May 27, closing out a monumental session for Texas real estate consumers and private property rights. Your association read and analyzed every bill that was filed this session to ensure the interests of Texas REALTORS and real estate consumers were protected. The revised disclosure notice is mandatory starting Sept. 1 . The 86 th Texas Legislature adjourned May 27, closing out a monumental session for Texas real estate consumers and private property rights. Texas REALTORS supported the bills that resulted in these changes. That is the next hotbed of problems. Now we just need questions pertaining to Lead Based Pipes. Yep this is definitely needed. 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. This pro-consumer law is the most comprehensive update to the sellers disclosure since the statements creation in 1993. page you may pull up for the address you are looking for the info on about for flood hazard Zone. severance tax), split between the State Highway Fund and the Economic Stabilization Fund (a.k.a. How does a property owner know they are in the 500 year flood plain if they have never had any issues? 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. 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. Study with Quizlet and memorize flashcards containing terms like Which of the following requirements was eliminated as a result of TREC's Sunset Review?, TREC Rule 535.2, Broker Responsibility, requires which of the following to be appointed as a delegated supervisor?, Amendments to TREC Rule 535.148, Receiving an Undisclosed Commission or Rebate, clarify that a license holder CANNOT and more. You will not use our blog posts or posted content to do anything unlawful, misleading, malicious, or discriminatory; and. Thanks to your grassroots advocacy efforts during REALTOR Day at the Texas Capitol and timely response to calls for action, Texas REALTORS earned several incredible legislative victories this session that were signed into law by Gov. 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 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. 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. (Currently, these elections may only happen if voters petition for them.). The legislation was authored by Sen. Robert Nichols and sponsored by Rep. John Zerwas. This pro-consumer law is the most comprehensive update to the Sellers Disclosure statement since the statements creation in 1993. Texas REALTORS supported Senate Bill 339, authored by Sen. Joan Huffman and sponsored by Rep. Geanie Morrison, and House Bill 3815, authored by Rep. Morrison and sponsored by Sen. Huffman. The 86th Texas Legislature passed two bills that add questions to the Seller's Disclosure Notice (. 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. 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. The revised version of the Sellers Disclosure Notice must be used in transactions when the sales contract is executed on or after Sept. 1, 2019. July and closed this week and didnt use the new form Notice on texasrealestate.com and from form-fill vendors Legislature two. 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