A reinvestment zone may not be created if one of the following conditions is met:
The local government creating the zone must provide a written notice of its intent to designate a reinvestment zone to the other taxing units that levy property taxes within the area at least 60 days before the public hearing. The notice must contain a description of the proposed boundaries of the zone, the tentative plans for the zone's development, and an estimate of the general impact of the zone on property values and tax revenues.
Yes; the local government creating the zone must publish notice of a public hearing at least seven days in advance of the hearing in a newspaper of general circulation in the city or county creating the zone. At the hearing the city or county must explain the proposed benefits of the zone. Any interested person is permitted to speak at the hearing. Owners of property that are located within a proposed zone must be given a reasonable opportunity to object to the inclusion of their property within the proposed zone.
After the city or county has adopted the ordinance or order creating the zone, the board of directors of the zone must prepare both a project plan and a reinvestment zone financing plan. The plans must be as consistent as possible with the preliminary plans the city developed for the zone before the board was created. Specifically, the project plan must include:
According to Texas Tax Code, Section 311.016 and 311.019 certain information is required to be sent to the Comptroller's office. For more information on what is to be report please visit our reporting forms section.
For additional information, contact the Data Analysis and Transparency Division via email or at 800-531-5441, ext. 3-4679, or 512-463-4679.
This information should not be construed as, and is not a substitute for, legal advice.
Property owners and school districts are urged to consult the Attorney General's Economic Development Handbook and their own legal counsel for any questions or interpretations of economic development laws.