Relating to the exemption from ad valorem taxation of property of certain charitable organizations that provide housing on a cooperative basis.
Impact
The implications of HB 4750 could be significant for charitable organizations involved in housing provision. By exempting properties used for cooperative housing from ad valorem taxes, organizations may have more financial flexibility and can potentially expand their housing offerings. This is particularly crucial in light of Texas's growing housing challenges, as it would enable organizations to allocate resources more effectively towards maintenance, improvement, and service provision for residents, without the weight of significant tax liabilities.
Summary
House Bill 4750 aims to amend the Tax Code in Texas to provide ad valorem tax exemption for properties owned by certain charitable organizations that offer housing on a cooperative basis. This bill specifically targets organizations that are dedicated to assisting low-income and moderate-income families, as well as individuals aged 62 and above, those with disabilities, and families affected by urban renewal. The intention of HB 4750 is to reduce the financial burdens on these organizations, thereby encouraging them to continue providing essential housing services.
Contention
Notable points of contention surrounding the bill might include concerns about the potential loss of tax revenue for local governments, which could impact public services. While proponents of the bill argue that supporting charitable organizations' housing efforts is essential for community welfare, opponents may fear that tax exemptions for these properties could set a precedent that undermines local fiscal stability. The discussion may also touch upon the criteria for organizations qualifying for these exemptions, raising questions about the accessibility of the benefits under the new definitions established by the bill.
Relating to the exemption from ad valorem taxation of certain property owned by a charitable organization that is engaged in providing housing and related facilities and services to persons who are at least 62 years of age.
Relating to the exemption from ad valorem taxation of certain property owned by a charitable organization that is engaged in providing housing and related facilities and services to persons who are at least 62 years of age.
Relating to an exemption from ad valorem taxation of property owned by a charitable organization that provides services related to the placement of a child in a foster or adoptive home.
Relating to the exemption from ad valorem taxation of property owned by a charitable organization that provides a meeting place and support services for organizations that provide assistance to persons with substance use disorders and their families.
Relating to an exemption from ad valorem taxation of real property owned by a charitable organization for the purpose of renting the property at below-market rates to low-income and moderate-income households.
Relating to an exemption from ad valorem taxation of real property owned by a charitable organization for the purpose of renting the property at below-market rates to low-income and moderate-income households.