34 Tex. Admin. Code § 9.4013 - Residential Real Property Inventory Appraisal

(a) A residential real property inventory is one or more platted lots or tracts, and improvements, if any, meeting the following criteria:

(1) they are under the same ownership;

(2) they are contiguous to one another or are located in the same subdivision of development;

(3) they are held for sale in the ordinary course of business;

(4) they are subject to zoning restrictions limiting them to residential use, or, if not subject to zoning, they are:

(A) subject to enforceable deed restrictions limiting them to residential use; or

(B) their highest and best use is as residential property;

(5) they have never been occupied for residential purpose; and

(6) they are not presently leased or producing income.

(b) A residential real property inventory shall be appraised as a unit at the price for which it would transfer to another person continuing the business, using generally accepted techniques for the appraisal of subdivisions and similar properties.

Notes

34 Tex. Admin. Code § 9.4013

The provisions of this §9.4013 adopted to be effective August 22, 1988, 13 TexReg 3877; transferred effective November 26, 1991, as published in the Texas Register September 18, 1992, 17 TexReg 6481.