Reports Of Property Value Instructions Page 20
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28market value and the taxable value of all the abatements
days, which equals 0.915. Then, multiply the total of
granted in your county. Report the number granted and
$22,000 by 0.915, which equals $20,130. This is the
the value the county lost due to this exemption.
amount that would be lost for the rest of the year on
this property. The $1,870 would be the 31 days that it
Item 13. Total value lost to partial low-income housing
was taxable property.
exemptions (Tax Code Sec. 11.1825). The low-income
housing exemption was enacted by the Texas Legislature
Item 15. Total value lost to historical exemptions and
other non-required exemptions. If a structure is desig-
in 2003, with an effective date of Jan. 1, 2004. The law cre-
ated an exemption for qualifying low-income housing
nated as a Recorded Texas Historical Landmark by the
property owned by certain organizations. The value of
Texas Historical Commission or is designated as a his-
the property is reported in Category B. The exemption is
torically or archeologically significant site in need of tax
a mandatory 50 percent value reduction in counties with
relief to encourage its preservation pursuant to an ordi-
a population of less than 1.4 million, but is an optional
nance or other law adopted by a taxing unit’s governing
exemption of any amount in the counties with a popula-
body, the governing body, by official action, may grant a
tion of 1.4 million, or greater. County population is based
tax exemption on part or all of the assessed value of the
on the 2000 census. Please report the exemption here if
structure and the land necessary to access and use the
it is partial and in Item 2 if it is a total exemption. Note:
structure (Tax Code Section 11.24). Report in this item
Continue to report charitable housing exemptions grant-
any other deductions required to calculate taxable value
ed under the older statutes (Property Tax Code Sections
for the district. Report the value lost due to these exemp-
11.181, and 11.182) in the totally exempt field.
tions and describe which exemption(s), if any, are report-
ed in this space. Do not include any loss for specially
Item 14. Total value lost to solar or wind-powered,
appraised properties (public access airport property,
prorations and other required partial exemptions. An
recreational park and scenic land, vehicle inventory,
individual who installs or builds a solar or wind-pow-
residential inventory, etc.) For these properties, the
ered energy device primarily for on-site energy produc-
value arrived at by special procedures is market value
tion and distribution is entitled to a tax exemption on
under the property tax code. Properties (other than ag-
that portion of his appraised value (Tax Code Section
ricultural and timber) appraised by special procedures
11.27). A property may be eligible for taxation for only
should be reported in market value on Page 3 and on
part of a year (proration) because an exemption other
Line 1, at the special value. Agricultural and timber
than a residence homestead exemption, applicable on
property qualified for productivity valuation must be re-
January 1 of that year, terminated during the year (Tax
ported at market value on Item 1, Page 1.
Code Section 26.10). This item also refers to all other
required deductions allowed to arrive at taxable value
Item 16. Value lost to the 10 percent cap on residence
homesteads. Tax Code Section 23.23 provides that the
for the district. Report the value the district lost due to
this deduction.
appraised value of a residence homestead for a tax year
will be limited to the lesser of either its market value or
Example of Prorated Property: The property has
the sum of the market value of any new improvements
a total market value of $25,000 and changed status
plus 110 percent per year of the appraised value from
from taxable to totally exempt. Property was taxable
the most recent appraisal. The allowance for an annual
as of January 1 and had a FM/FC exemption of $3,000.
10 percent increase is cumulative—that is, 10 percent
Property became totally exempt as of Feb. 1. The pro-
times the number of years since the property was last ap-
ration factor is calculated by dividing the number of
praised. Therefore, if a homestead increases in value by 20
days in the year that the property is exempt by 365.
percent in two years, all of the increase can be added to
This is how you would report the values.
the appraisal roll. This should equal Line 33 minus Line
34. Report the value lost to the 10 percent per year cap on
Market Value
$ 25,000
residential homesteads.
FM/FC Exemption Loss
- $ 3,000
Total
$ 22,000
Item 17. Total taxable value for farm-to-market/flood
control tax purposes. This item should reflect the taxable
Total
$ 22,000
value for farm-to-market/flood control tax purposes af-
Prorated Loss
- $ 20,130
ter all appropriate exemptions have been deducted from
Taxable Value
$ 1,870
the total value. To calculate the total taxable value for
farm-to-market/flood control, take the total value (Item
To arrive at the prorated loss, to take the 334 days
3) and subtract the value lost from each of the following:
that the property is not being taxed divided by 365
Reports of Property Value Instructions
17
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