Sec. 23.215. APPRAISAL OF CERTAIN NONEXEMPT PROPERTY USED FOR LOW-INCOME OR MODERATE-INCOME HOUSING. (a) This section applies only to real property owned by an organization:
(1) that on the effective date of this section was rented to a low-income or moderate-income individual or family satisfying the organization's income eligibility requirements and that continues to be used for that purpose;
(2) that was financed under the low income housing tax credit program under Subchapter DD, Chapter 2306, Government Code;
(3) that does not receive an exemption under Section 11.182 or 11.1825; and
(4) the owner of which has not entered into an agreement with any taxing unit to make payments to the taxing unit instead of taxes on the property.
(b) The chief appraiser shall appraise the property in the manner provided by Section 11.1825(q).
Acts 2003, 78th Leg., ch. 1156, Sec. 5, eff. Jan. 1, 2004.
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