PROP TX-RESIDENTIAL PROPERTY

Amends the Property Tax Code. Provides that owners of residential property are liable, on a proportionate basis, for the increased taxes resulting from certain improvements to the property beginning (i) on the date the property is residentially occupied, or (ii) on the first day of January of the second year following the year in which construction of the improvements was completed, whichever occurs first. Sets forth criteria for determining whether property is "residentially occupied". Effective immediately.