THE BILLS

Regular session in 2005 yielded some homeowner benefits

While the regular session of the 79th Texas Legislature failed to reach agreement on large-scale property tax reductions, lawmakers did pass some measures that will help homeowners save money. One of them establishes a new property-appraisal-review process after an Appraisal Review Board (ARB) hearing. This new process gives homeowners another way to contest unfair property appraisals without having to file costly lawsuits. Beginning Jan. 1, 2006, homeowners now have the option to contest an ARB decision through a binding arbitration hearing. A homeowner who chooses this option will pay a $500 filing fee, to cover arbitration costs. A “loser pays” provision ensures that any homeowner who prevails in binding arbitration receives the $500 filing fee back, but forfeits the fee if the appraisal district wins. State Comptroller’s office will administer qualifications and appointments of arbitrators. The Texas Association of REALTORS® supported this legislation.