10/2/10

Last week, Texas Attorney General Opinion No. GA-0805 (2010) was issued on "Proper method of appraising the value of residence homesteads damaged by Hurricane Ike in 2008."   

The Summary to the Opinion stated,

"Calculation of the 2010 appraised value of a residence homestead damaged by Hurricane Ike in 2008 and renovated to its pre‑storm status is determined by section 23.23(f) of the Tax Code so long as the structure was "rendered uninhabitable or unusable." If the structure was not rendered uninhabitable or unusable, calculation of the 2010 appraised value is dependent upon whether the renovations may reasonably be said to constitute a mere "repair" or a "new improvement" under section 23.23(e). If the structure was rendered uninhabitable or unusable, calculation of the 2010 appraised value is dependent upon the appraised value the property would have had in 2009 but for the storm damage, together with the market value of all new improvements to the property as described by subdivision (f)(2)."

To read the opinion, click on the link below.

http://www.oag.state.tx.us/opinions/opinions/50abbott/op/2010/htm/ga-0805.htm