Texas Tax Code

§ 312.205 — SPECIFIC TERMS OF TAX ABATEMENT AGREEMENT

TX § 312.205Title 3. LOCAL TAXATION · Part B. SPECIAL PROPERTY TAX PROVISIONS · Ch. 312. PROPERTY REDEVELOPMENT AND TAX ABATEMENT ACT · Art. B. TAX ABATEMENT IN MUNICIPAL REINVESTMENT ZONE

Statute text

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(a)An agreement made under Section 312.204 or 312.211 must:

(1)list the kind, number, and location of all proposed improvements of the property;

(2)provide access to and authorize inspection of the property by municipal employees to ensure that the improvements or repairs are made according to the specifications and conditions of the agreement;

(3)limit the uses of the property consistent with the general purpose of encouraging development or redevelopment of the zone during the period that property tax exemptions are in effect;

(4)provide for recapturing property tax revenue lost as a result of the agreement if the owner of the property fails to make the improvements or repairs as provided by the agreement;

(5)contain each term agreed to by the owner of the property;

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Legislative history

Added by Acts 1987, 70th Leg., ch. 191, Sec. 1, eff. Sept. 1, 1987. Amended by Acts 1995, 74th Leg., ch. 995, Sec. 3, eff. Sept. 1, 1995; Acts 1997, 75th Leg., ch. 855, Sec. 12, eff. Sept. 1, 1997; Acts 1997, 75th Leg., ch. 1333, Sec. 4, eff. Sept. 1, 1997; Acts 2001, 77th Leg., ch. 740, Sec. 1, eff. June 13, 2001.