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The following phrases, words, and terms, when used in this
subchapter shall have the following meanings, unless the context clearly
indicates otherwise.
(1)Agent--An individual, authorized pursuant to Tax
Code, §41A.08(b), and in accordance with §9.4253 of this
title (relating to Agent Representation in Arbitration), to represent
a party in binding arbitration.
(2)Appraisal district--A political subdivision established
in each county responsible for appraising property in the county for
ad valorem tax purposes for each taxing unit that imposes such taxes
on property in the county.
(3)Appraisal review board (ARB)--The board established
in a county's appraisal district pursuant to Tax Code, §6.41,
that issues the order that is the subject of the owner's request for
binding arbitration.
(4)Appraised value--The value of property determined
under the appraisal methods and procedures of Tax Code, Chapter 23.
(5)Binding arbitration--A method to appeal an eligible
appraisal review board order a property owner may choose that is governed
by Tax Code, Chapter 41A, and this subchapter.
(6)Comptroller or comptroller's office--The Comptroller
of Public Accounts of the State of Texas, the state agency responsible
for the adoption of rules governing the binding arbitration system
pursuant to Tax Code, Chapter 41A.
(7)Individual--A single human being.
(8)Market value--The price at which a property would
transfer for cash or its equivalent under prevailing market conditions
if:
(A)exposed for sale in the open market with a reasonable
time for the seller to find a purchaser;
(B)both the seller and the purchaser know of all the
uses and purposes to which the property is adapted and for which it
is capable of being used and of the enforceable restrictions on its
use; and
(C)both the seller and purchaser seek to maximize
their gains and neither is in a position to take advantage of the
exigencies of the other.
(9)Order--A written determination an appraisal review
board issues pursuant to Tax Code, §41.47, regarding an owner's
protest filed pursuant to Tax Code, §41.41(a)(1), for appraised
or market value, or pursuant to Tax Code, §41.41(a)(2), for unequal
appraisal.
(10)Owner--A person or entity having legal title to
property who has the right to appeal an eligible ARB order through
binding arbitration under Tax Code, Chapter 41A. It does not include
lessees who have the right to protest property valuations before county
appraisal review boards.
(11)Person--Includes an individual, corporation, organization,
business trust, estate, trust, partnership, association, and any other
legal entity.
The agency certifies that legal counsel has reviewed
the proposal and found it to be within the state agency's legal
authority
to adopt.
Filed with the Office
of the Secretary of State on October 24, 2017
TRD-201704291 Lita Gonzalez
General Counsel
Comptroller of Public Accounts
Earliest possible date of adoption: December 10, 2017
For further information, please call: (512) 475-0387
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