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80(R) HB 621 - Emolled version - Bill Text http://www.capitol.state.tx.us/tlodocs/80Rlbilltext/html. .. not exempt under other law. The official action to tax the goods~in-transit must be taken before January 1 of the first tax year in which the governing body proposes to tax goods-in-transit. Before acting to tax the exempt property, the governing body of the taxing unit must conduct a public hearing as required by Section 1-n(d), Article VIII, Texas Constitution. If the governing body of a taxing unit provides for the taxation of the goods-in-transit as provided by this subsection, the exemption prescribed by Subsection (b) does not apply to that unit. The goods-in-transit remain subject to taxation by the taxing unit until the governing body of the taxing unit, in the manner required for official action, rescinds or repeals its previous action to tax goods-in-transit, or otherwise determines that the exemption prescribed by Subsection (b) will apply to that taxing unit. (k) A property owner who receives the exemption from taxation provided by Subsection (b) is not eligible to receive the exemption from taxation provided by Section 11.251 for the same property. SECTION 2. Section 26.012(15), Tax Code, lS amended to read as follows: (15) "Lost property levy" means the amount of taxes levied in the preceding year on property value that was taxable in the preceding year but lS not taxable in the current year because the property is exempt in the current year under a provision of this code other than Section 11.251 or 11.253, the property has qualified for special appraisal under Chapter 23 [of thi8 ee-eJ:e.] in the current year, or the property is located in territory that has ceased to be a part of the unit since the preceding year. SECTION 3. Section 403.302(d), Government Code, is amended to read as follows: (d) For the purposes of this section, "taxable value" means 50f9 7/3/2007 9:09 MY