Providing for a property tax rebate for certain real property used for residential or commercial and industrial purposes when such property sells in a qualifying sale for less than 97% of the county appraised value.

SB 319 would allow owners of qualifying residential or commercial/industrial property to receive a property tax rebate if they sell the property for less than 97% of its county appraised value during a qualifying sale (an arm's-length transaction in an open market). The rebate equals the excess property tax paid compared to what would have been due at full appraised value, covering the sale year and up to four prior years. To qualify, properties must remain in the same use, condition, and classification as at the valuation date, and owners must apply by December 20 of the year after the sale. The bill takes effect for sales on or after July 1, 2026.