TX
Texas Senate Bill SB1096

Texas 2023 - 88th Regular

Texas Senate Bill SB1096

Voted on by Senate
 
Out of House Committee
 
Voted on by House
 
Governor Action
 
Bill Becomes Law
 

Caption

Relating to the treatment of certain residence homesteads for purposes of the Tax Increment Financing Act.

Impact

If enacted, SB1096 will significantly impact municipal practices surrounding reinvestment zone designations and their respective project plans. Municipalities will now be able to implement stability programs aimed at safeguarding long-term residents from financial strain that can arise from urban redevelopment and rising property values. This could encourage more equitable development practices by ensuring that existing communities are supported rather than displaced by new investments.

Summary

SB1096 proposes amendments to the Tax Increment Financing Act, particularly focusing on how certain residence homesteads are treated. The bill aims to introduce a Reinvestment Zone Stability Program, which is designed to protect legacy homeowners from being displaced due to rising property values as a result of new developments in designated reinvestment zones. By establishing this program, municipalities will have the authority to allocate funds from the tax increment fund to help offset increased ad valorem taxes for qualifying homeowners.

Sentiment

The general sentiment surrounding SB1096 appears to be positive among advocates for affordable housing and community stability. Supporters argue that the bill addresses critical issues of housing affordability and homeowner security in the face of urban development pressures. However, there may be some concerns from municipal authorities regarding the administrative burden and financial implications of managing these stability programs.

Contention

While SB1096 is largely seen as a step forward in supporting legacy homeowners, there may be contention over its implementation, particularly about how municipalities should fund the payments to homeowners. Questions may arise regarding the efficacy of the program in terms of attracting new developments while preventing the displacement of existing residents. The balance between promoting economic growth and ensuring community stability will likely be a topic of debate as the bill proceeds through the legislative process.

Texas Constitutional Statutes Affected

Tax Code

  • Chapter 311. Tax Increment Financing Act
    • Section: 002
    • Section: 006
    • Section: New Section

Latest SB1096 Activity

Companion Bills

TX HB4433

Identical Relating to the authority of the board of directors of a tax increment financing reinvestment zone to use money in the tax increment fund established for the zone to compensate certain homeowners for the increase in taxes associated with the zone.

Previously Filed As

TX HB4433

Relating to the authority of the board of directors of a tax increment financing reinvestment zone to use money in the tax increment fund established for the zone to compensate certain homeowners for the increase in taxes associated with the zone.

TX HB5451

Relating to the treatment of certain residence homesteads for purposes of the Tax Increment Financing Act.

Similar Bills

TX HB4433

Relating to the authority of the board of directors of a tax increment financing reinvestment zone to use money in the tax increment fund established for the zone to compensate certain homeowners for the increase in taxes associated with the zone.

TX HB5451

Relating to the treatment of certain residence homesteads for purposes of the Tax Increment Financing Act.

TX HB774

Relating to the ad valorem tax appraisal of an older residence homestead located in or near a tax increment financing reinvestment zone.

TX HB4046

Relating to the ad valorem tax appraisal of an older residence homestead located in or near a tax increment financing reinvestment zone.

TX HB1518

Relating to the authority of the governing body of a taxing unit to adopt a local option residence homestead exemption from ad valorem taxation of a portion, expressed as a dollar amount, of the appraised value of an individual's residence homestead.

TX HB3348

Relating to the authority of the governing body of a taxing unit to adopt a local option residence homestead exemption from ad valorem taxation of a portion, expressed as a dollar amount, of the appraised value of an individual's residence homestead.

TX HB266

Relating to a local option exemption from ad valorem taxation by a school district of all or part of the appraised value of the residence homesteads of certain individuals who are employed by the district.

TX SB2644

Relating to the provision of funding under the public school finance system on the basis of property values that take into account optional homestead exemptions.