Relating to the exclusion from the market value of real property for ad valorem tax purposes of the value of any incomplete structure located on the property.

HB 3557 would allow property tax appraisers to exclude the value of unfinished buildings intended for people to live or work in from a property's taxable value. Specifically, it applies to separate structures not yet complete as of January 1 each tax year, provided they are meant for human occupancy. The bill defines "complete" as either having a certificate of occupancy or no longer being under active construction, as determined by the appraiser. This change would directly affect property owners with ongoing construction projects, reducing their tax burden for incomplete structures. The law would take effect January 1, 2026.