Relating to the application of the market data comparison method of appraisal to determine the market value of real property for ad valorem tax purposes.

HB 4703 requires the Texas comptroller to establish specific standards for appraisers when using the market data comparison method to determine property tax values. It mandates that appraisers compare properties based on key characteristics and prioritize comparing properties within the same appraisal district when possible. This bill directly affects property owners, as it standardizes how local governments assess the market value of real estate for tax purposes. The new rules, to be created by the comptroller by 2026, aim to improve consistency in property valuations across Texas. The bill takes effect January 1, 2026, after the comptroller develops the required standards.