TX
Texas Senate Bill SJR26

Texas 2021 - 87th Regular

Texas Senate Bill SJR26

Caption

Proposing a constitutional amendment to authorize the legislature to provide for the continuation of a limitation on the maximum appraised value of a residence homestead for ad valorem tax purposes if the property is acquired by and qualifies as the homestead of an heir of the owner or the owner's spouse or surviving spouse.

Impact

The proposed amendment seeks to limit fluctuations in property tax obligations, especially in regions where property values can spike dramatically. By allowing heirs to benefit from previously established homestead limits, the legislation aims to safeguard families from losing their homes due to escalating taxes driven by rising market values. This could significantly influence local economies by maintaining homeownership rates and promoting community stability.

Summary

SJR26 proposes a constitutional amendment to allow the Texas legislature to authorize a continuation of the limitation on the maximum appraised value of a residence homestead for ad valorem tax purposes. This provision specifically applies if the property is acquired by an heir of the original owner or their spouse or surviving spouse, thereby facilitating the transfer of property without increasing the tax burden associated with higher appraised values. The aim is to promote stability in property ownership within families and help retain homes through generations.

Contention

While proponents advocate for the bill as a means to protect families and preserve generational wealth, opponents may raise concerns about the implications for state revenue. Critics could argue that perpetuating limited appraised values for heirs diminishes potential tax income for local governments, which rely on property taxes for essential services. The bill's discussion may revolve around finding a balance between protecting individual homeowners' interests and ensuring adequate funding for public resources.

Companion Bills

TX SB361

Enabled by Relating to the continuation of a limitation on increases in the appraised value of a residence homestead for ad valorem tax purposes if the property is acquired by and qualifies as the homestead of an heir of the owner or the owner's spouse or surviving spouse.

Previously Filed As

TX SJR38

Proposing a constitutional amendment to authorize the legislature to provide for the continuation of a limitation on the maximum appraised value of a residence homestead for ad valorem tax purposes if the property is acquired by and qualifies as the homestead of an heir of the owner or the owner's spouse or surviving spouse.

TX SB639

Relating to the continuation of a limitation on increases in the appraised value of a residence homestead for ad valorem tax purposes if the property is acquired by and qualifies as the homestead of an heir of the owner or the owner's spouse or surviving spouse.

TX SB1409

Relating to the continuation of a limitation on increases in the appraised value of a residence homestead for ad valorem tax purposes if the property is acquired by and qualifies as the homestead of an heir of the owner or the owner's spouse or surviving spouse.

TX SJR55

Proposing a constitutional amendment authorizing the legislature to provide that the appraised value of a residence homestead for ad valorem tax purposes is the market value of the property for the first year that the owner qualified the property for a homestead exemption or, if the owner purchased the property, the purchase price of the property.

TX HJR147

Proposing a constitutional amendment to authorize the legislature to limit the maximum appraised value of a residence homestead for ad valorem tax purposes to the appraised value of the property when it was first qualified as a residence homestead, plus the value of subsequent improvements.

TX HJR55

Proposing a constitutional amendment to authorize the legislature to establish a lower limit on the maximum appraised value of residence homesteads for ad valorem tax purposes and to establish a limit on the value of single-family residences other than residence homesteads for those purposes.

TX HJR6

Proposing a constitutional amendment to authorize the legislature to establish a lower limit on the maximum appraised value of residence homesteads for ad valorem tax purposes and to establish a limit on the value of single-family residences other than residence homesteads for those purposes.

TX SJR34

Proposing a constitutional amendment to authorize the legislature to set a lower limit on the maximum appraised value of a residence homestead for ad valorem tax purposes.

TX HJR87

Proposing a constitutional amendment authorizing the legislature to limit the maximum appraised value of residential real property for ad valorem tax purposes to 105 percent or more of the appraised value of the property for the preceding tax year, to exempt from ad valorem taxation the total appraised value of property purchased by an individual for the first tax year the individual qualifies the property as the individual's residence homestead if the property is the individual's first residence homestead and has an appraised value of less than $300,000, and to limit the total amount of ad valorem taxes that a political subdivision may impose on the residence homestead of an individual and the surviving spouse of the individual if the individual qualifies the property as the individual's residence homestead for at least 25 consecutive tax years.

TX HJR57

Proposing a constitutional amendment to authorize the legislature to set a lower limit on the maximum appraised value of a residence homestead for ad valorem taxation.

Similar Bills

No similar bills found.