Relating to the phasing out of ad valorem taxes on the residence homesteads of elderly persons by 2021.
Impact
The passage of HB 1104 is expected to have a profound impact on state tax revenue, particularly within school districts that rely on property tax for funding. As local governments lose a source of revenue from property taxes on homesteads owned by elderly individuals, they may need to seek alternative funding sources or adjust budgets accordingly. The exemptions are set to expire after 2021, but the implications of such a tax structure could set a precedent for future tax legislation and considerations for support programs for the elderly.
Summary
House Bill 1104 aims to phase out ad valorem taxes on the residence homesteads of elderly individuals and disabled persons by 2021. Specifically, this legislation proposes gradual tax exemptions starting from 20% in 2017, increasing by 20% each year until reaching a full exemption of 100% by 2020, resulting in significant financial relief for qualifying homeowners. The bill not only seeks to alleviate the tax burden on the elderly but also extends these benefits to surviving spouses under certain conditions, ensuring continuity in property ownership without the fear of increased taxation due to disability or age.
Sentiment
The general sentiment surrounding HB 1104 is largely supportive among advocates for the elderly, who view it as a necessary measure to protect vulnerable populations from rising property taxes in a time of fixed incomes. Conversely, some opponents argue that such tax exemptions could lead to concerns about funding for public services, particularly education, as they rely heavily on property tax income. The debate around HB 1104 emphasizes the balance between providing necessary support for the elderly while maintaining adequate funding for essential public services.
Contention
A noteworthy point of contention in discussions of HB 1104 centers on its potential impact on public school funding. Critics of the bill speculate that phasing out these taxes could create a funding gap for local school districts, necessitating adjustments that may negatively affect educational resources. Proponents counter that the bill will ultimately benefit communities by allowing elderly individuals to remain in their homes without the fear of losing property due to unaffordable taxes. These competing perspectives underscore a broader debate in tax policy regarding the needs of individuals versus the financial health of state and local governments.
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 establishment of a limitation on the total amount of ad valorem taxes that a county may impose on the residence homesteads of individuals who are disabled or elderly and their surviving spouses.
Relating to the establishment of a limitation on the total amount of ad valorem taxes that certain taxing units may impose on the residence homesteads of individuals who are disabled or elderly and their surviving spouses.
Relating to the establishment of a limitation on the total amount of ad valorem taxes that certain taxing units may impose on the residence homesteads of individuals who are disabled or elderly and their surviving spouses.
Relating to the establishment of a limitation on the total amount of ad valorem taxes that certain taxing units may impose on the residence homesteads of individuals who are disabled or elderly and their surviving spouses.
Relating to an exemption from ad valorem taxation by a school district of a dollar amount or a percentage, whichever is greater, of the appraised value of a residence homestead, a reduction of the limitation on the total amount of ad valorem taxes that may be imposed by a school district on the homestead of an elderly or disabled person to reflect any increase in the exemption amount, and the protection of school districts against the resulting loss in local revenue.
Relating to the establishment of a limitation on the total amount of ad valorem taxes that taxing units may impose on the residence homesteads of individuals who are disabled or elderly and their surviving spouses.
Relating to the establishment of a limitation on the total amount of ad valorem taxes that taxing units may impose on the residence homesteads of individuals who are disabled or elderly and their surviving spouses.
Relating to the establishment of a limitation on the total amount of ad valorem taxes that taxing units may impose on the residence homesteads of individuals who are disabled or elderly 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 a temporary increase in the amount of the exemption of residence homesteads from ad valorem taxation by a school district, 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, and a temporary protection of school districts against the resulting temporary loss in local revenue.
Relating to providing property tax relief through the public school finance system, exemptions, limitations on appraisals and taxes, and property tax administration.
Relating to an exemption from ad valorem taxation by a school district of a portion of the appraised value of a residence homestead based on the median market value of all residence homesteads in this state, a reduction of the limitation on the total amount of ad valorem taxes that may be imposed by a school district on the homestead of an elderly or disabled person to reflect any increase in the exemption amount, and the protection of school districts against any resulting loss in local revenue.