Sec. 29.001. APPLICATION OF CHAPTER. This chapter applies only to real property that is not exempt from forced sale under the constitution or laws of this state and is:
(1) received by a person as a result of the death of another person:
(A) by inheritance;
(B) under a will;
(C) by a joint tenancy with a right of survivorship; or
(D) by any other survivorship agreement in which the interest of the decedent passes to a surviving beneficiary other than an agreement between spouses for community property with a right of survivorship; or
(2) owned in part by a nonprofit organization that is exempt from federal income tax under Section 501(a), Internal Revenue Code of 1986, and its subsequent amendments, by being listed as an exempt organization under Section 501(c)(3), Internal Revenue Code of 1986, and its subsequent amendments, that:
(A) has been incorporated in this state for at least one year;
(B) has a corporate purpose to develop affordable housing that is stated in the articles of incorporation or charter;
(C) has at least one-fourth of its board of directors residing in the county in which the property is located; and
(D) engages primarily in the building, repair, rental, or sale of housing for low-income individuals or families.
Added by Acts 1995, 74th Leg., ch. 981, Sec. 1, eff. Aug. 28, 1995. Amended by Acts 2001, 77th Leg., ch. 891, Sec. 1, eff. Sept. 1, 2001.
Section: 29.001 29.002 29.003 29.0035 NextLast modified: September 28, 2016