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House Bill 1254, authored by Rep. Jim Murphy and sponsored by Sen. Kelly Hancock, will allow a property owner to use agricultural land as collateral for a home equity loan. Usually every local government agency have a department (engineering, planning & zoning, etc) that have maps or should be able to tell you if the property is in a flood zone. You will not post any defamatory, discriminatory, libelous, threatening, vulgar, sexually explicit, abusive, profane, rude, or obscene content (including comments); b. I have wondered why best I not speculate. Immediately after the flood HAR MLS was requiring disclosure of flooding but removed the mandatory field from the MLS. This pro-consumer law is the most comprehensive update to the sellers disclosure since the statements creation in 1993. The 86th Texas Legislature adjourned May 27, closing out a monumental session for Texas real estate consumers and private property rights. It may also be used on a voluntary basis for transactions where the contract is executed prior to that date. You should contact your attorney to obtain advice with respect to any particular issue or problem. Senate Bill 8 (authored by Sen. Charles Perry and sponsored by Rep. Lyle Larson) creates a statewide flood plan. The 86th Texas Legislature passed two bills that add questions to the Seller's Disclosure Notice (TXR 1406) regarding flooding, such as whether the seller's property is located wholly or partly in a 500-year floodplain or whether the seller has ever filed a claim for flood damage. Thank you to all that voted in favor of!! severance tax), split between the State Highway Fund and the Economic Stabilization Fund (a.k.a. The 86 th Texas Legislature adjourned May 27, closing out a monumental session for Texas real estate consumers and private property rights. This REALTOR-supported law is a comprehensive reform of the states public school finance system and property tax system to lessen the burden on local property taxpayers while increasing the states investment in educators and students. The new law implements the Sunset Commissions recommendations for TREC, such as extending TREC for six years, allowing the agency to maintain its self-directed, semi-independent status, and requiring additional reporting to the Legislature, governor, and Sunset Commission. While Texas REALTORS has used reasonable efforts in collecting and preparing materials included here, due to the rapidly changing nature of the real estate marketplace and the law, and our reliance on information provided by outside sources, Texas REALTORS makes no representation, warranty, or guarantee of the accuracy or reliability of any information provided here. REALTOR-supported House Bill 1743, authored by Rep. Tracy King and sponsored by Sen. Brandon Creighton, reduces change-of-use lookback taxes due when a property is changed from agricultural to non-agricultural use. Texas REALTORS is committed to advocating for a strong real estate industry, advancing a culture of continued learning, and staying ahead of issues concerning members and their clients. House Bill 7 (authored by Rep. Geanie Morrison and sponsored by Sen. Joan Huffman) creates a disaster recovery plan to be enacted by state agencies as needed. House Joint Resolution 4, authored by Rep. Dade Phelan and sponsored by Sen. Brandon Creighton, proposes a constitutional amendment to create a fund to aid in financing flood mitigation projects, with the following ballot language: The constitutional amendment providing for the creation of the flood infrastructure fund to assist in the financing of drainage, flood mitigation, and flood control projects., House Bill 492/House Joint Resolution 34, authored by Rep. Hugh Shine and sponsored by Sens. One of the most impactful changes is the lowering of school property tax rates statewide, which provides $5.1 billion in tax relief through an average eight-cent tax rate reduction in 2019-2020 and 13-cent reduction in 2020-2021. That is the next hotbed of problems. The Texas Legislature agreed that property tax reform is critical, passing REALTOR-supported Senate Bill 2, also known as The Texas Property Tax Reform and Transparency Act.. The law clarifies what types of costs and considerations may be included in the calculation of late fees and provides a safe harbor for reasonable late fees. The revised version of the Sellers Disclosure Notice must be used in transactions when the sales contract is executed on or after Sept. 1, 2019. Texas REALTORS is committed to advocating for a strong real estate industry, advancing a culture of continued learning, and staying ahead of issues concerning members and their clients. This is based on a rainfall study and not a flood study Lawsuits will be filled and they expect the ordinance to stay in play until the lawsuits are decided by the TXRead more . Abbotts website. In 2018, the Texas Real Estate Commission underwent whats known as sunset reviewa process for state agencies during which Texas Sunset Advisory Commission staff evaluate the agency and issue recommendations for positive change. You should contact your attorney to obtain advice with respect to any particular issue or problem. The new law requires central appraisal districts to create online databases to: The new law also makes changes to the rollback rate that is currently at 8% for local taxing entities: The Texas Legislature unanimously approved legislation to reform the public school finance system and the property tax system: House Bill 3, authored by Rep. Dan Huberty and sponsored by Sen. Larry Taylor. After the devastating effects of Hurricane Harvey and other recent natural disasters were experienced across the state, Texas lawmakers passed several bills this session to increase resources for affected property owners and create disaster recovery and prevention plans. The revised disclosure notice is mandatory starting Sept. 1 . This session, the association successfully opposed legislation on issues including mandatory sales price disclosure, appraisal caps, and weakening equal and uniform appraisal standards. After years of advocating for changes to the states property tax system, Texas REALTORS have succeeded in giving taxpayers more information about how tax rates are set and how to engage in the rate-setting process that determines your property tax bill. Study with Quizlet and memorize flashcards containing terms like Which of the following requirements was eliminated as a result of TREC's Sunset Review?, TREC Rule 535.2, Broker Responsibility, requires which of the following to be appointed as a delegated supervisor?, Amendments to TREC Rule 535.148, Receiving an Undisclosed Commission or Rebate, clarify that a license holder CANNOT and more. You will not use our blog posts or posted content to do anything unlawful, misleading, malicious, or discriminatory; and. May 14, 2019 | Author: Texas REALTORS Staff. the states Rainy Day Fund). (Currently, these elections may only happen if voters petition for them.). By interacting with any of our blog posts, you agree to comply with the following terms and conditions: Texas REALTORS, in its sole discretion, reserves the right to remove any content you have uploaded, posted, or submitted onto any of our blog posts if we believe that it violates these terms or conditions. Anyone in a 500 year floodplain will now be in a 100 year floodplain. This pro-consumer law is the most comprehensive update to the Sellers Disclosure statement since the statements creation in 1993. In 2017, voters approved a REALTOR-supported constitutional amendment (Prop 2) to modernize the home equity lending process for property owners. Use the flood map to find their location orhave their Realtor do it for them. The legislation was authored by Sen. Paul Bettencourt and sponsored by Rep. Dustin Burrows. Texas REALTORS is committed to advocating for a strong real estate industry, advancing a culture of continued learning, and staying ahead of issues concerning members and their clients. REALTOR-supported House Bill 347, authored by Rep. Phil King and sponsored by Sen. Brian Birdwell, ends forced municipal annexation statewide, giving property owners a say in whether they are annexed. The legislation was authored by Sen. Robert Nichols and sponsored by Rep. John Zerwas. The new law will keep cities from using construction fees as a backdoor tax for the funding of other services, bring greater fairness to the distribution of the fee burden, and prevent cities from requiring sales price disclosure as part of the permitting process. This new law reduces the lookback period from five to three years and reduces the interest due from 7% to 5%. The updates add significant information related to flooding and provide buyers with in-depth information about past flooding on a property and its structures. Senate Bill 7 (authored by Sen. Lois Kolkhorst and sponsored by Rep. Dade Phelan) creates the Flood Infrastructure Fund to finance flood mitigation projects. The sellers insurance carrier is the best source. Then, we monitored bills that had the potential to directly or indirectly affect the Texas real estate industry. Williamson and surrounding counties will most likely change their ordinances around the same time as well. Your association read and analyzed every bill that was filed this session to ensure the interests of Texas REALTORS and real estate consumers were protected. The Texas Legislature passed 10 measures that will be on the November 5, 2019 ballot as constitutional amendments for every Texas voter. You will not use our blog posts or posted content to do anything unlawful, misleading, malicious, or discriminatory; and. How does a property owner know they are in the 500 year flood plain if they have never had any issues? If a municipality seeks to annex an area into its limits, the municipality must now hold an election of the affected residents. With Texas REALTORS member benefit Mylo, you can quickly find the coverage you need at the best value from 40-plus, Bias Override: Overcoming Barriers to Fair Housing is a free online event on April 24 designed to help real estate, Issues Mobilization and Political Advocacy Assessment, TACS Texas Accredited Commercial Specialist, TAHS Texas Affordable Housing Specialist, TRLP Texas REALTORS Leadership Program, TRLS Texas Residential Leasing Specialist, TRPM Texas Residential Property Manager, Sales of Million-Dollar Homes in Texas Report, 86th Texas Legislative Session Recap: What REALTORS Need to Know, Download a PDF version of the legislative recap, What The Tax Reform Law Means for You and Your Clients, Looking Ahead to the 86th Texas Legislature, Your Grassroots Efforts in Action at the Texas Capitol, New Real Estate-Related Laws You Should Know About, Show property owners how proposed tax rate changes would affect their bills, Make it easy for taxpayers to submit comments via an online form. Must a seller disclose a murder at the property? The following two REALTOR-supported joint resolutions will help Texans prepare for or recover from disasters. Texas REALTORS provides content through various online platforms, including this blog. Texas REALTORS staff worked on your behalf with the Sunset Commission and staff on final recommendations for TREC that were reflected in the legislationREALTOR-supported Senate Bill 624, authored by Sen. Robert Nichols and sponsored by Rep. Senfronia Thompson. With Texas REALTORS member benefit Mylo, you can quickly find the coverage you need at the best value from 40-plus, Bias Override: Overcoming Barriers to Fair Housing is a free online event on April 24 designed to help real estate, Issues Mobilization and Political Advocacy Assessment, TACS Texas Accredited Commercial Specialist, TAHS Texas Affordable Housing Specialist, TRLP Texas REALTORS Leadership Program, TRLS Texas Residential Leasing Specialist, TRPM Texas Residential Property Manager, Sales of Million-Dollar Homes in Texas Report. House Bill 5 (authored by Rep. Dade Phelan and sponsored by Sen. Lois Kolkhorst) creates a catastrophic debris management plan and training for cities and counties. Now we just need questions pertaining to Lead Based Pipes. 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