Texas Tax Code

§ 11.1827 — COMMUNITY LAND TRUST

TX § 11.1827Title 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, "community land trust" means a community land trust created or designated under Section 373B.002, Local Government Code.

(b)In addition to any other exemption to which the trust may be entitled, a community land trust is entitled to an exemption from taxation by a taxing unit of land owned by the trust, together with the housing units located on the land if they are owned by the trust, if:

(1)the trust:

(A)meets the requirements of a charitable organization provided by Sections 11.18(e) and (f);

(B)owns the land for the purpose of leasing the land and selling or leasing the housing units located on the land as provided by Chapter 373B, Local Government Code; and

(C)engages exclusively in the sale or lease of housing as described by Paragraph (B) and related activities, except that the trust may also engage in the development of low-income and moderate-income housing; and

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Legislative history

Added by Acts 2011, 82nd Leg., R.S., Ch. 383 (S.B. 402), Sec. 2, eff. January 1, 2012.