Relating to the exemption from ad valorem taxation of property owned by certain charitable organizations that provide affordable housing to low-income veterans and their dependents.
Impact
The bill is expected to have significant implications for state tax laws, as it introduces a new section to the Tax Code that specifically grants exemptions to certain charitable organizations. By enabling these organizations to bypass property taxes, the bill aims to facilitate the construction and rehabilitation of much-needed housing for veterans. This could lead to an increase in the availability of affordable housing options for this demographic, positively influencing the quality of life for many low-income veterans in Texas.
Summary
House Bill 2914 proposes an exemption from ad valorem taxation for properties owned by charitable organizations that focus on providing affordable housing specifically for low-income veterans and their dependents. The bill outlines criteria that these organizations must meet in order to qualify for the tax exemption, including requirements regarding the purpose and the nature of the housing they provide. This measure is designed to encourage the development and rehabilitation of housing for veterans struggling with affordability issues, ultimately supporting their transition to sustainable living situations.
Contention
While the bill has garnered support for its potential to aid veterans, it may also raise concerns about the effects on local tax revenues and property markets. Critics may argue that such tax exemptions could lead to a loss of funding for local services since property taxes are vital to community budgets. Furthermore, there might be debate regarding the eligibility criteria and whether the measure sufficiently addresses the housing needs of all veterans or just a specific subset. Any penalties outlined in the bill for organizations that fail to meet the terms of the exemption, such as leasing to ineligible individuals, may also become points of contention during discussions.
Relating to the exemption from ad valorem taxation of certain property owned by a charitable organization that is engaged in providing housing and related facilities and services to persons who are at least 62 years of age.
Relating to the exemption from ad valorem taxation of certain property owned by a charitable organization that is engaged in providing housing and related facilities and services to persons who are at least 62 years of age.
Relating to the exemption from ad valorem taxation of property owned by a charitable organization that provides a meeting place and support services for organizations that provide assistance to persons with substance use disorders and their families.
Relating to an exemption from ad valorem taxation of real property owned by a charitable organization for the purpose of renting the property at below-market rates to low-income and moderate-income households.