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.
Impact
The changes made by HB1518 specifically affect how local governments can offer property tax relief through exemptions for residence homesteads. By allowing for exemptions expressed in dollar amounts, the bill empowers local authorities to provide more targeted financial relief to homeowners, especially in areas where property taxes may have significantly increased. However, this can lead to potential disparities in tax burden distribution depending on the decisions made by different taxing units.
Summary
House Bill 1518 provides the governing body of a taxing unit in Texas with the authority to adopt a local option residence homestead exemption from ad valorem taxation. This exemption can be expressed as either a percentage of the appraised value of an individual's residence homestead or as a dollar amount, but the governing body can choose to adopt only one form of exemption for any given tax year. The bill also stipulates that any adopted exemption must be finalized before July 1 of the tax year for it to be applicable.
Contention
Notably, discussions surrounding the bill highlighted the tension between local control and state regulations. Supporters argue that this flexibility allows local governments to react better to the needs of their specific communities. Conversely, opponents of the bill assert that such measures could lead to a lack of uniformity across taxing units, creating confusion and inconsistencies in property tax assessments. This points to an ongoing debate over how local jurisdictions balance the financial burdens on residents while maintaining adequate funding for public services.
Enabling for
Proposing a constitutional amendment authorizing the governing body of a political subdivision to adopt a local option residence homestead exemption from ad valorem taxation of a portion, expressed as a dollar amount, of the market value of an individual's residence homestead.
Relating to the authority of the governing body of a taxing unit to adopt an exemption from ad valorem taxation of a portion, expressed as a dollar amount, of the appraised value of an individual's residence homestead.
Relating to the authority of the governing body of a taxing unit other than a school district to adopt an exemption from ad valorem taxation of a portion, expressed as a dollar amount, of the appraised value of an individual's residence homestead and to the authority of the governing body of any taxing unit that has adopted an exemption from ad valorem taxation of a percentage of the appraised value of an individual's residence homestead to reduce the amount of or repeal the exemption.
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 the authority of the commissioners court of a county to adopt an exemption from ad valorem taxation by the county of a portion, expressed as a dollar amount, of the appraised value of an individual's residence homestead.
Relating to the authority of the commissioners court of a county to adopt an exemption from ad valorem taxation by the county of a portion, expressed as a dollar amount, of the appraised value of an individual's residence homestead.
Relating to an exemption from ad valorem taxation by a taxing unit other than a school district of a portion of the appraised value of a residence homestead based on the average appraised value in the preceding tax year of all qualified residence homesteads located in the same county.
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 an exemption from ad valorem taxation by a taxing unit located wholly or partly in a populous county of a specified dollar amount, or a greater dollar amount specified by the governing body of the taxing unit, of the appraised value of a residence homestead.
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 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.
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 not less than $5,000 or more than $30,000.
A bill for an act relating to local government property taxes, financial authority, and budgets, modifying appropriations, and including effective date, applicability, and retroactive applicability provisions.
A bill for an act relating to local government property taxes, financial authority, and budgets, modifying appropriations, and including effective date, applicability, and retroactive applicability provisions.
Relating to a local option election in a county to set a limit on the maximum appraised value of a residence homestead for ad valorem tax purposes of less than 110 percent but not less than 103 percent of the appraised value of the property for the preceding tax year.