TITLE: Relating to the determination of the market value of solar energy property for ad valorem tax purposes.

SUMMARY: Relating to the determination of the market value of solar energy property for ad valorem tax purposes.

FULL TEXT:
AN ACT relating to the determination of the market value of solar energy property for ad valorem tax purposes. BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: SECTION 1. Section 23.26(d), Tax Code, is amended to read as follows: (d) To determine the market value of solar energy property using the cost method of appraisal, the chief appraiser shall: (1) use cost data obtained from generally accepted sources; and (2) make any appropriate adjustment for physical, functional, or economic obsolescence and any other justifiable factor [; and [(3) calculate the depreciated value of the property by using a useful life that does not exceed 10 years].SECTION 2. Section 23.26(e), Tax Code, is repealed. SECTION 3. This Act applies only to an ad valorem tax year that begins on or after the effective date of this Act. SECTION 4. This Act takes effect January 1, 2024.