You should contact your attorney to obtain advice with respect to any particular issue or problem. 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. 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.. c. You will not post content or take any action on our blog posts that infringes someone elses rights or otherwise violates the law. In 2017, voters approved a REALTOR-supported constitutional amendment (Prop 2) to modernize the home equity lending process for property owners. The material provided here is for informational purposes only and is not intended and should not be considered as legal advice for your particular matter. This new law prevents a governmental entity (city/county) from requiring or prohibiting the use of certain building methods, products, or materials in the construction of a residential or commercial structure. That is the next hotbed of problems. Senate Bill 8 (authored by Sen. Charles Perry and sponsored by Rep. Lyle Larson) creates a statewide flood plan. Yes! (Currently, these elections may only happen if voters petition for them.). Most cities and counties will be subject to a 3.5% rollback rate, Most cities and counties will have automatic elections if they exceed the rollback rate. 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. 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 should contact your attorney to obtain advice with respect to any particular issue or problem. 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. Any legal or other information found on this page or at other sites to which we link, should be verified before it is relied upon. The 86th Texas Legislature adjourned May 27, closing out a monumental session for Texas real estate consumers and private property rights. 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. REALTOR-supported Senate Bill 962 continues the development of a stronger highway system for Texas. c. You will not post content or take any action on our blog posts that infringes someone elses rights or otherwise violates the law. The 86th Texas Legislature passed two bills that add questions to the Seller's Disclosure Notice (. Thanks to your grassroots advocacy efforts during REALTOR Day at the Texas Capitol and timely response to calls for action, Texas REALTORS earned several incredible legislative victories this session that were signed into law by Gov. Yep this is definitely needed. That will be covered in paragraph 4 of the new TREC contract. 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 following two REALTOR-supported joint resolutions will help Texans prepare for or recover from disasters. they bought flooded properties, repair its and put on the market and omit the information related or sometimes appear in the MLS No sellers Disclosure. Does Your Seller Have a Duty to Update a Disclosure With New Information? I believe a web address should be included in the sellers disclosure where sellers and agents could find the current Flood insurance rate map. This will affect approximately 2700 homes in the Travis County area. Currently, when a property changes its use classification from agricultural to non-agricultural, county chief appraisers can assess the owners five years of retroactive taxes based on the new classification, plus 7% interest per year. The sellers insurance carrier is the best source. In many residential sales, sellers are required to provide information about the condition of the pr See if you understand how these five situations affect the use of the seller's disclosure notice. Texas REALTORS provides content through various online platforms, including this blog. You will not post any defamatory, discriminatory, libelous, threatening, vulgar, sexually explicit, abusive, profane, rude, or obscene content (including comments); b. Anyone in a 500 year floodplain will now be in a 100 year floodplain. This new law further updates those provisions to allow more homeowners the ability to access the hard-earned equity in their homes while maintaining the strong consumer protections in the Texas Constitution. Texas REALTORS supported Senate Bill 339, authored by Sen. Joan Huffman and sponsored by Rep. Geanie Morrison, and House Bill 3815, authored by Rep. Morrison and sponsored by Sen. Huffman. In 2014, 80% of voters approved an amendment to the Texas Constitution to allocate revenue from oil and gas production tax (a.k.a. I agree with Emily, that Web Addy would help all of us double check to make sure we have the right information for our area. 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. 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. Keeps rollback rate at 8% for special taxing units, including: Renames the rollback rate the voter-approval tax rate, Renames the effective rate the no-new-revenue tax rate., Provides $6.5 billion in additional funding to public education and school employee compensation, Increases the states share of education funding from 38% to 45%, Reduces recapture by 47% ($3.6 billion) in the next biennium, Raises the basic allotment from $5,140 to $6,160 per student, benefiting all school districts, Sales tax revenue from the Wayfair court decision ($300 million per year), Available School Fund revenue to be used for increased school funding ($600 million per year), Any severance tax revenue diversion provided by the Texas Constitution to be used for tax compression. What if you listed the house in July and closed this week and didnt use the new form ? 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. How could this come back to haunt them? 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. The new law extends provisions related to that constitutional amendment to ensure no interruption of funding for 10 years, continuing voters desire to invest in transportation projects. Larry Taylor and Paul Bettencourt, propose a constitutional amendment to provide a temporary property tax exemption for qualified property damaged by a disaster, with the following ballot language: The constitutional amendment authorizing the legislature to provide for a temporary exemption from ad valorem taxation of a portion of the appraised value of certain property damaged by a disaster.. Unfortunately the FEMA maps do not specifically say 500 year flood plain they define it by ie .2% chance of flooding.perhaps the form should use different wording so that it jives with the FEMA maps. Texas REALTORS provides content through various online platforms, including this blog. Senate Bill 6 (authored by Sen. Lois Kolkhorst and sponsored by Rep. Geanie Morrison) creates a disaster response plan for local officials. From the Legal Hotline: Investors and Disclosures, TREC Adopts a New Form and Updates the Contracts, What Sellers Disclosure Rules Mean for You and Your Clients. Now we just need questions pertaining to Lead Based Pipes. The new law implements several REALTOR-supported measures that enhance transparency for taxpayers. Investors are not exempt from providing seller disclosure, even though many think they are. Dawn Buckingham, protects Texas property owners. The legislation was authored by Sen. Robert Nichols and sponsored by Rep. John Zerwas. 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. If you are a member of SABOR, Updated Seller's Disclosure Notice Available August 1. According to the Texas Property Code, sellers arent required to disclose deaths on the property t Texas REALTORS, the strongest advocates for Texas real estate consumers, had several legislative v As the 85th Texas Legislature comes to a close on May 29, several bills that will enhance protection March 29, 2023 | Author: Texas REALTORS Staff, April 08, 2022 | Author: Texas REALTORS Staff, August 11, 2021 | Author: Texas REALTORS Staff, June 18, 2021 | Author: Texas REALTORS Staff, December 01, 2020 | Author: Texas REALTORS Staff, June 30, 2020 | Author: Texas REALTORS Staff, January 24, 2020 | Author: Texas REALTORS Staff, December 10, 2019 | Author: Texas REALTORS Staff, August 29, 2019 | Author: Texas REALTORS Staff, July 31, 2019 | Author: Texas REALTORS Staff, May 14, 2019 | Author: Texas REALTORS Staff, March 20, 2019 | Author: Texas REALTORS Staff, February 07, 2019 | Author: Texas REALTORS Staff, October 17, 2018 | Author: Texas REALTORS Staff. The revised disclosure notice is mandatory starting Sept. 1 . 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. The updates add significant information related to flooding and provide buyers with in-depth information about past flooding on a property and its structures. Applicability of the legal principles discussed in this material may differ substantially in individual situations. The material provided here is for informational purposes only and is not intended and should not be considered as legal advice for your particular matter. 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. Thats why we go on record in opposition to legislation that would have detrimental effects on Texas real estate. The 86 th Texas Legislature adjourned May 27, closing out a monumental session for Texas real estate consumers and private property rights. 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. The updated disclosure notice will be available August 1 on texasrealestate.com and from form-fill vendors. The 86th Texas Legislature passed two bills that add questions to the Sellers Disclosure Notice (TXR 1406) regarding flooding, such as whether the sellers property is located wholly or partly in a 500-year floodplain or whether the seller has ever filed a claim for flood damage. 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. 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