Committee approves bill allowing tax rebates when sale price is less than 97% of county appraisal

Amelia described SB 319 as a rebate program allowing owners of qualifying residential, commercial or industrial property sold for less than 97% of the county appraised value to apply for a rebate equal to the excess property taxes levied on that property; applicants could seek refunds for up to four preceding years.

Senator Francisco asked how SB 319 would interact with SB 332’s change to exclude buyer-paid intermediary charges from sale price; he warned the combination could produce double reductions and asked whether the county appraisal process could be undermined. Senator Corson warned of an abuse risk in which buyers and sellers might collude to set artificially low sale prices to obtain a rebate; Amelia pointed to bill language that allows denial if a property was intentionally altered or sold for less than fair market value to receive a rebate.

Senator Francisco moved to require that the applicant provide a licensed appraisal (not older than six months) as part of the application, with the applicant bearing the appraisal cost; members debated whether adding an appraisal requirement would add complexity and expense. Opponents said residential appraisals are subjective and that the market sale price should govern. The motion to require an applicant-supplied appraisal failed on voice vote.

Later in the hearing Senator Peck moved the committee recommend SB 319 favorably to the full Senate; Senator Owens seconded and the motion passed by voice vote. The committee recorded no roll-call tally in the transcript.