Texas Tax Code 11.1826 – Monitoring of Compliance With Low-Income and Moderate-Income Housing Exemptions
(a) In this section, “department” means the Texas Department of Housing and Community Affairs.
(b) Property may not be exempted under § 11.1825 for a tax year unless the organization owning or controlling the owner of the property:
(1) has an audit prepared by an independent auditor covering the organization’s most recent fiscal year that:
(A) is conducted in accordance with generally accepted accounting principles; and
(B) includes an opinion on whether:
(i) the financial statements of the organization present fairly, in all material respects and in conformity with generally accepted accounting principles, the financial position, changes in net assets, and cash flows of the organization; and
(ii) the organization has complied with all of the terms and conditions of the exemption under § 11.1825; and
(2) delivers a copy of the audit in accordance with Subsection (c).
Terms Used In Texas Tax Code 11.1826
- Appraisal: A determination of property value.
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Property: means real and personal property. See Texas Government Code 311.005
- Tax year: means the calendar year. See Texas Tax Code 1.04
- Year: means 12 consecutive months. See Texas Government Code 311.005
(c) Not later than the 180th day after the last day of the organization’s most recent fiscal year, the organization must deliver a copy of the audit to the department and the chief appraiser of the appraisal district in which the property is located. The chief appraiser may extend the deadline for good cause shown.
(d) Notwithstanding any other provision of this section, if the property contains not more than 36 dwelling units, the organization may deliver to the department and the chief appraiser a detailed report and certification as an alternative to an audit.
(e) Property may not be exempted under § 11.182 for a tax year unless the organization owning or controlling the owner of the property complies with this section, except that the audit required by this section must address compliance with the requirements of § 11.182.
(f) All information submitted to the department or the chief appraiser under this section is subject to required disclosure, is excepted from required disclosure, or is confidential in accordance with Chapter 552, Government Code, or other law.