Relating to the definition of "residence homestead" for purposes of the exemption from ad valorem taxation of the residence homestead of a totally disabled veteran or the surviving spouse of such a veteran.
Impact
If enacted, HB 4647 would effectively impact the statutory language of the Tax Code relating to property tax exemptions for disabled veterans. By clarifying the definition of residence homestead, the bill could provide greater financial relief to those veterans and their families who often face unique challenges. This may lead to an increase in property tax exemptions granted, thereby reducing the tax burden on disabled veterans and their surviving spouses in the state of Texas.
Summary
House Bill 4647 aims to amend the Texas Tax Code by providing a clearer definition of 'residence homestead' specifically for the purpose of ad valorem taxation exemptions for totally disabled veterans and their surviving spouses. The bill expands the definition to include personal property and all structures and improvements used as part of the individual's primary residence, provided these properties are owned by the claimant. This change intends to ensure that individuals qualifying for the exemption can include both personal property and improvements on their homestead for exemption purposes.
Contention
As with many pieces of legislation related to tax exemptions, HB 4647 may face scrutiny regarding its fiscal implications and the potential increase in strains on local economies due to reduced tax revenue. Supporters of the bill argue that it adequately addresses the sacrifices made by disabled veterans and affirms the state's commitment to supporting them. However, opponents may raise concerns about the sustainability of local funding for essential services if property tax exemptions are broadened without compensating measures.
Relating to the exemption from ad valorem taxation of the total appraised value of the residence homestead of the surviving spouse of a 100 percent or totally disabled veteran.
Relating to a limitation on increases in the appraised value for ad valorem tax purposes of the residence homesteads of military veterans, individuals who are disabled or 65 years of age or older, and their surviving spouses.
Proposing a constitutional amendment authorizing the legislature to provide for an exemption from ad valorem taxation of all or part of the market value of the residence homestead of the surviving spouse of a 100 percent or totally disabled veteran regardless of whether the property was the residence homestead of the surviving spouse when the disabled veteran died.
Relating to an exemption from ad valorem taxation of the total appraised value of the residence homesteads of certain elderly persons and their surviving spouses.
Relating to an exemption from ad valorem taxation of the total appraised value of the residence homesteads of certain elderly persons and their surviving spouses.
Relating to an exemption from ad valorem taxation of the total appraised value of the residence homesteads of certain elderly persons and their surviving spouses.
Relating to an exemption from ad valorem taxation of the total appraised value of the residence homesteads of certain elderly persons and their surviving spouses.
Relating to an exemption from ad valorem taxation of the total appraised value of the residence homesteads of certain elderly persons and their surviving spouses.
Relating to an exemption from ad valorem taxation of a portion of the appraised value of the residence homesteads of certain elderly persons and their surviving spouses.
Relating to the provision of state aid to certain local governments to offset the cost of the exemption from ad valorem taxation of the residence homestead of a 100 percent or totally disabled veteran.