Texas Special District Local Laws Code § 3892.155 Payment In Lieu Of Taxes To Other Taxing Unit

Sec. 3892.155. PAYMENT IN LIEU OF TAXES TO OTHER TAXING UNIT. If the district's acquisition of property for a parking facility that is leased to or operated by a private entity results in the removal from a taxing unit's tax rolls of real property otherwise subject to ad valorem taxation, the district shall pay to the taxing unit in which the property is located, on or before January 1 of each year, as a payment in lieu of taxes, an amount equal to the ad valorem taxes that otherwise would have been imposed for the preceding tax year on that real property by the taxing unit, without including the value of any improvements constructed on the property.

Added by Acts 2009, 81st Leg., R.S., Ch. 1101 (H.B. 4828), Sec. 1, eff. June 19, 2009.

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Last modified: September 28, 2016