Texas Special District Local Laws Code 3844.155 – Payment in Lieu of Taxes to Other Taxing Unit
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Terms Used In Texas Special District Local Laws Code 3844.155
- Property: means real and personal property. See Texas Government Code 311.005
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Year: means 12 consecutive months. See Texas Government Code 311.005
If the district’s acquisition of property for a parking facility that is leased to or operated by a private entity results in the removal from a taxing unit’s tax rolls of real property otherwise subject to ad valorem taxation, the district shall pay to the taxing unit in which the property is located, on or before January 1 of each year, as a payment in lieu of taxes, an amount equal to the ad valorem taxes that otherwise would have been imposed for the preceding tax year on that real property by the taxing unit, without including the value of any improvements constructed on the property.