Relating to the application of the limit on appraised value of a residence homestead for ad valorem tax purposes to an improvement that is a replacement structure for a structure that was rendered uninhabitable or unusable by a casualty or by wind or water damage.
Impact
The introduction of SB835 is intended to provide tax relief to homeowners whose properties have suffered severe damage from natural disasters. By clarifying that certain improvements do not equate to a new taxable structure, the bill seeks to ease the financial strain on residents recovering from traumatic events. The effect of this legislation may also help stabilize property values in impacted areas by encouraging more homeowners to undertake repairs or rebuild efforts without the fear of increased tax liabilities.
Summary
SB835 aims to modify the application of limits on the appraised value of a residence homestead concerning improvements made as a result of casualty or damage caused by wind or water. The bill stipulates that if a residence is made uninhabitable due to such disasters, the replacement structure will not be considered a new improvement for tax purposes if certain conditions are met. This provision is particularly relevant to individuals affected by disasters who may be looking to rebuild or repair their homes without incurring additional tax burdens on new constructions.
Contention
While supporters of SB835 are likely to argue that the bill provides necessary support for disaster recovery, there may be points of contention among stakeholders, particularly concerning how the bill's provisions are implemented and the criteria for defining what constitutes a 'replacement structure'. Further, there may be discussions regarding the bill's fiscal impact on local governments that rely on property taxes derived from appraisals. Some may advocate for tighter controls or clearer definitions to prevent potential misuse of the provisions by those looking to evade taxes on genuinely new constructions.
Similar
Relating to the application of the limit on appraised value of a residence homestead for ad valorem tax purposes to an improvement that is a replacement structure for a structure that was rendered uninhabitable or unusable by a casualty or by wind or water damage.
Relating to the treatment of a replacement structure for a structure that was rendered uninhabitable or unusable by a casualty or by wind or water damage as a new improvement for ad valorem tax purposes.
Relating to limitations on increases in the appraised value for ad valorem tax purposes of residence homesteads and single-family residences other than residence homesteads.
Relating to limitations on increases in the appraised value for ad valorem tax purposes of residence homesteads and single-family residences other than residence homesteads.
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.
Relating to the treatment of certain improvements for the limitation on increases in the appraised value of a residence homestead for ad valorem tax purposes.