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Texas Statutes (Last Updated: January 4, 2014) |
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TAX CODE |
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Title 3. LOCAL TAXATION |
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Subtitle B. SPECIAL PROPERTY TAX PROVISIONS |
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Chapter 312. PROPERTY REDEVELOPMENT AND TAX ABATEMENT ACT |
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Subchapter B. TAX ABATEMENT IN MUNICIPAL REINVESTMENT ZONE |
Sec. 312.210. AGREEMENT BY TAXING UNITS RELATING TO PROPERTY IN CERTAIN SCHOOL DISTRICTS
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(a) This section applies only to a tax abatement agreement applicable to property located in a reinvestment zone with respect to which a municipality, county, and junior college district have entered into a joint agreement to offer tax abatements exempting from taxation a specified portion of the value of the property in the reinvestment zone.
(b) A tax abatement agreement with the owner of real property or tangible personal property that is located in the reinvestment zone described by Subsection (a) and in a school district that has a wealth per student that does not exceed the equalized wealth level must exempt from taxation:
(1) the portion of the value of the property in the amount specified in the joint agreement among the municipality, county, and junior college district; and
(2) an amount equal to 10 percent of the maximum portion of the value of the property that may under Section 312.204(a) be otherwise exempted from taxation.
(c) In this section, "wealth per student" and "equalized wealth level" have the meanings assigned those terms by Section 41.001, Education Code.