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2011 SESSION

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HB 1610 Defective Chinese drywall; disclosure of information, real estate tax exemption.

Introduced by: G. Glenn Oder-resigned 8/31/11 | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED HOUSE:

Defective Chinese drywall; disclosure, assessed value, real estate tax exemption.  Requires licensees engaged by sellers and buyers, and landlords who have actual knowledge of defective Chinese drywall in a dwelling unit, to disclose that information to the prospective tenant or buyer. If a tenant is not provided disclosure within 60 days of discovery of defective drywall he may terminate the lease. The bill also provides, upon confirmation by a building official that defective Chinese drywall is present, that the commissioner or other assessing official may reassess the property accordingly. Local governments may also designate the property as a rehabilitation district for purposes of granting the owner a partial real estate tax exemption. This bill is a recommendation of the Housing Commission. This bill is identical to SB 942.

SUMMARY AS INTRODUCED:

Defective Chinese drywall; disclosure, assessed value, real estate tax exemption.  Requires licensees engaged by sellers and buyers, and landlords who have actual knowledge of defective Chinese drywall in a dwelling unit, to disclose that information to the prospective tenant or buyer. If a tenant is not provided disclosure within 60 days of discovery of defective drywall he may terminate the lease. The bill also provides upon confirmation by a building official that defective Chinese drywall is present, that the commissioner or other assessing official may reassess the property accordingly. Local governments may also place the property in a rehabilitation district for purposes of granting the owner a partial real estate tax exemption. This bill is a recommendation of the Housing Commission.