Proposing a constitutional amendment authorizing the legislature to exempt from ad valorem taxation a percentage of the assessed value of property owned by certain disabled veterans.
Impact
The bill operates within the framework of existing Texas property tax laws, establishing detailed provisions for granting exemptions based on the severity of disability as classified by the United States Department of Veterans Affairs. The proposed changes are significant, as they aim to create a more inclusive tax policy that acknowledges the sacrifices made by disabled veterans. By allowing for a higher percentage of property value to be exempted based on increased disability ratings, the amendment has the potential to provide substantial fiscal assistance to disabled veterans and their families.
Summary
HJR67 proposes a constitutional amendment that aims to authorize the Texas legislature to exempt a percentage of the assessed value of property owned by eligible disabled veterans from ad valorem taxation. The amendment looks to revise Article VIII, Section 2(b) of the Texas Constitution, specifying various exemption percentages based on different disability ratings, thus providing tangible financial relief to veterans who have served in the armed forces. If implemented, this amendment could alleviate the property tax burden on a segment of the veteran population, potentially positively impacting their financial situations.
Sentiment
Overall, there appears to be a positive sentiment surrounding HJR67, particularly among veteran advocacy groups and legislators supportive of veterans' rights and benefits. The proposed tax exemption is generally seen as a well-deserved recognition of the challenges faced by disabled veterans. However, there could be some concerns regarding the implications of reduced tax revenues for local governments, which may require balancing the needs of veterans with the financial health of local communities.
Contention
Notable points of contention may arise from discussions about the potential long-term effects on property tax revenues and whether such exemptions could lead to inequities among different groups of veterans. The proposed bill classified disabled veterans into specific categories according to their disability ratings, which may prompt debate regarding fairness and adequacy in meeting the needs of all veterans. Additionally, how these amendments align with the overall tax structure in Texas and the state's responsibilities towards its veteran population will likely be central to ongoing discussions.
Enabled by
Relating to the exemption from ad valorem taxation of a percentage of the assessed value of a property owned by certain disabled veterans and the amount of the exemption for the surviving spouses and children of certain disabled veterans.
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.
Proposing a constitutional amendment authorizing the legislature to exempt from ad valorem taxation income-producing tangible personal property having a value of less than a certain amount.
Proposing a constitutional amendment authorizing the legislature to exempt from ad valorem taxation income-producing tangible personal property having a value of less than a certain amount.
Proposing a constitutional amendment authorizing the legislature to exempt from ad valorem taxation a mineral interest that has a value of less than a certain amount.
Proposing a constitutional amendment authorizing the legislature to increase the amount of the exemption from ad valorem taxation by a school district of the market value of the residence homestead of a person who is elderly or disabled.
Proposing a constitutional amendment to authorize the legislature to exempt from ad valorem taxation a percentage of the market value of the tangible personal property a person owns that consists of inventory held for sale at retail.
Proposing a constitutional amendment to authorize the legislature to limit the maximum appraised value of commercial property and rental property for ad valorem taxation.
Proposing a constitutional amendment to authorize the legislature to limit the maximum appraised value of commercial property and rental property for ad valorem taxation.