Texas House Bill HJR32

Texas 2017 - 85th 1st C.S.

Caption

Proposing a constitutional amendment to appropriate money from the economic stabilization fund to the foundation school fund and use the money to finance a temporary increase in the amount of the exemption of residence homesteads from ad valorem taxation by a school district and a temporary reduction in the amount of the limitation on school district ad valorem taxes imposed on the residence homesteads of the elderly or disabled to reflect the increased exemption amount.

Impact

If enacted, HJR32 will amend key provisions in the Texas Constitution to adjust the way property taxes are calculated for residence homesteads for certain classes of people, particularly those who are elderly or disabled. The impact is expected to ease the financial burdens associated with school district property taxes for these vulnerable groups, making housing more affordable and sustainable over the long term. This adjustment intends to reflect the increased exemption amount, thus decreasing the financial strain on those receiving the benefit.

Summary

HJR32 proposes a constitutional amendment aimed at reallocating funds from the Economic Stabilization Fund to the Foundation School Fund in Texas. The principal goal of this amendment is to enhance financial support for public education by temporarily increasing the amount of tax exemption for residence homesteads. The proposed changes will provide financial relief to homeowners, particularly benefiting the elderly and disabled, by allowing for a temporary increase in exemption amounts under the ad valorem taxation policies of school districts.

Contention

There may be anticipated debates regarding the long-term implications of using the Economic Stabilization Fund for educational purposes. Some stakeholders might argue that while increased funding is necessary for education, fiscal prudence should be observed, particularly when dipping into stabilization funds, which may be relied upon during economic downturns. Variations in local school district funding could also provoke discussions around equity and fairness, particularly if certain districts disproportionately benefit from the amendment compared to others.