Texas Tax Code

§ 11.1826 — MONITORING OF COMPLIANCE WITH LOW-INCOME AND MODERATE-INCOME HOUSING EXEMPTIONS

TX § 11.1826Title 1. PROPERTY TAX CODE · Part C. TAXABLE PROPERTY AND EXEMPTIONS · Ch. 11. TAXABLE PROPERTY AND EXEMPTIONS · Art. B. EXEMPTIONS

Statute text

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(a)In this section, "department" means the Texas Department of Housing and Community Affairs.

(b)Property may not be exempted under Section 11.1825 for a tax year unless the organization owning or controlling the owner of the property:

(1)has an audit prepared by an independent auditor covering the organization's most recent fiscal year that:

(A)is conducted in accordance with generally accepted accounting principles; and

(B)includes an opinion on whether:

(i)the financial statements of the organization present fairly, in all material respects and in conformity with generally accepted accounting principles, the financial position, changes in net assets, and cash flows of the organization; and

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Legislative history

Acts 2013, 83rd Leg., R.S., Ch. 399 (S.B. 193), Sec. 2, eff. January 1, 2014.