Then, we monitored bills that had the potential to directly or indirectly affect the Texas real estate industry. The Texas Legislature passed 10 measures that will be on the November 5, 2019 ballot as constitutional amendments for every Texas voter. That will be covered in paragraph 4 of the new TREC contract. July 01, 2019. 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 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. Applicability of the legal principles discussed in this material may differ substantially in individual situations. 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. 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. If you are a member of SABOR, 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. This will affect approximately 2700 homes in the Travis County area. House Bill 6 (authored by Rep. Geanie Morrison and sponsored by Sen. Lois Kolkhorst) creates a disaster recovery task force to assist with long-term recovery plans. Is a Buyer Required to Sign the Seller's Disclosure Notice? Dawn Buckingham, protects Texas property owners. What Does My Client Do With These Checkboxes? 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. 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. The 86th Texas Legislature passed two bills that add questions to the Seller's Disclosure Notice (. In 2017, voters approved a REALTOR-supported constitutional amendment (Prop 2) to modernize the home equity lending process for property owners. 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. 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. The legislation was authored by Sen. Paul Bettencourt and sponsored by Rep. Dustin Burrows. This pro-consumer law is the most comprehensive update to the sellers disclosure since the statements creation in 1993. 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 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. a. 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. Chairman Batess comments were included on Gov. 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. There should also be mandatory disclosure for lease homes, too. 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 . See a redlined version of the Sellers Disclosure Notice on texasrealestate.com. 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. The updates add significant information related to flooding and provide buyers with in-depth information about past flooding on a property and its structures. 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.. 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. What if you listed the house in July and closed this week and didnt use the new form ? How does a property owner know they are in the 500 year flood plain if they have never had any issues? I have wondered why best I not speculate. Greg Abbott. Texas REALTORS know harmful legislation when we see it. 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 2439, authored by Rep. Dade Phelan and sponsored by Sen. The revised disclosure notice is mandatory starting Sept. 1, 2019. I believe a web address should be included in the sellers disclosure where sellers and agents could find the current Flood insurance rate map. 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. The updated disclosure notice will be available August 1 on texasrealestate.com and from form-fill vendors. This new law reduces the lookback period from five to three years and reduces the interest due from 7% to 5%. 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.. 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, Updated Sellers Disclosure Notice Available August 1. a. 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. 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. The updates add significant information related to flooding and provide buyers with in-depth information about past flooding on a property and its structures, while still limiting the sellers liability. Since Harvey I have seen a bunch of Listings where Sellers nor their Agents are disclosing flooding on to property or into property. 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 legislation was authored by Sen. Robert Nichols and sponsored by Rep. John Zerwas. c. You will not post content or take any action on our blog posts that infringes someone elses rights or otherwise violates the law. Mayor of Cedar Park, Corbin Van Arsdale, let us know at a quarterly office meeting that the Floodplain Ordinances will change within the next few months. d. You will not post any information intended to sell or advertise a business, product, or service. REALTOR-supported House Bill 852 was authored by Rep. Justin Hollandwho is a Texas REALTOR himselfand sponsored by Sen. Pat Fallon. Williamson and surrounding counties will most likely change their ordinances around the same time as well. 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. 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. You will not post any defamatory, discriminatory, libelous, threatening, vulgar, sexually explicit, abusive, profane, rude, or obscene content (including comments); b. The State Highway Fund can only be used for constructing, maintaining, and acquiring rights of way for public non-toll roadways. The revised disclosure notice is mandatory starting Sept. 1 . You will not use our blog posts or posted content to do anything unlawful, misleading, malicious, or discriminatory; and. page you may pull up for the address you are looking for the info on about for flood hazard Zone. 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. Provide information about when and where a property owners local taxing entities are holding public hearings to set their tax rates. 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. 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. 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. Does Your Seller Have a Duty to Update a Disclosure With New Information? This pro-consumer law is the most comprehensive update to the Sellers Disclosure statement since the statements creation in 1993. 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. 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. Yep this is definitely needed. 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.