If the Comptroller recommends in favor of an application, in the Comptroller's Property Value Study (PVS), the Property Tax Assistance Division (PTAD) will deduct from a school district's market value that portion of the market value of the property not fully taxable because the school district acted under Tax Code Chapter 313. The PVS includes a study of school taxable values for purposes of state funding.
School districts are required to submit Form 50-767, Report on Value Lost Because of Value Limitations Under Tax Code Chapter 313 (PDF) for each qualified project located in the boundaries of a school district to the Comptroller Property Tax Assistance Division's Local Value Analysis Team.
If the Comptroller recommends against an application, and the school district subsequently approves it, the Comptroller will not deduct the value of the project from the school district value study.
Appraisal District Role
When appraising a property owner's qualified property subject to a limitation on appraised value under this Act, the chief appraiser shall determine the market value of the property and include both the market value and the limited value in the appraisal records.
Each year, the chief appraiser shall compile and send to the state a list of properties subject to a limitation on appraised value under Tax Code, Chapter 313.
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.