Relating to the deferred collection of taxes on the residence homestead of an elderly or disabled individual.
Impact
If enacted, HB4692 would provide clearer guidelines for how property taxes are managed for elderly or disabled individuals in Texas. It would enhance the existing provisions relating to tax deferment, making it more straightforward for homeowners in these categories to have their taxes deferred without the fear of losing payments after an affidavit is submitted. This amendment is intended to ease the financial burden on vulnerable populations, particularly amid rising property values and tax obligations.
Summary
House Bill 4692 proposes amendments to the Texas Tax Code regarding the deferred collection of taxes on residence homesteads for elderly or disabled individuals. The bill requires taxing units to return payments made for deferred taxes to the relevant mortgage company or third party, specifically in cases where an affidavit has been filed that entitles the individual to the tax deferment. This aims to ensure that the rights of elderly and disabled borrowers are upheld when it comes to their property taxes.
Contention
Some points of contention surrounding this bill may include discussions on the implications for local tax revenues, as the deferring of tax collections could affect how local governments plan their finances. While advocates support the bill for providing necessary relief to vulnerable populations, critics might argue that it could lead to budgetary shortfalls in local municipalities dependent on these tax revenues. Furthermore, there could be debates about the effectiveness of such deferment policies and whether they adequately address the broader issues of affordability and access to housing for the elderly and disabled.
Relating to penalty and interest incurred on a delinquent ad valorem tax imposed on the residence homestead of an individual who is elderly or disabled.
Relating to the rate at which interest accrues in connection with the deferral or abatement of the collection of ad valorem taxes on certain residence homesteads.
Relating to the establishment of a limitation on the total amount of ad valorem taxes that a county may impose on the residence homesteads of individuals who are disabled or elderly and their surviving spouses.
Relating to the establishment of a limitation on the total amount of ad valorem taxes that certain taxing units may impose on the residence homesteads of individuals who are disabled or elderly and their surviving spouses.
Relating to the establishment of a limitation on the total amount of ad valorem taxes that certain taxing units may impose on the residence homesteads of individuals who are disabled or elderly and their surviving spouses.
Relating to the establishment of a limitation on the total amount of ad valorem taxes that certain taxing units may impose on the residence homesteads of individuals who are disabled or elderly and their surviving spouses.
Relating to the determination and reporting of the number of residence homesteads of elderly or disabled persons that are subject to the limitation on the total amount of ad valorem taxes that may be imposed on the properties by school districts and of the number of residence homesteads of certain property owners for which the owner deferred collection of a tax, abated a suit to collect a delinquent tax, or abated a sale to foreclose a tax lien.
Relating to the authority of a taxing unit other than a school district to establish a limitation on the amount of ad valorem taxes that the taxing unit may impose on the residence homesteads of individuals who are disabled or elderly and their surviving spouses.
Relating to the authority of a taxing unit other than a school district to establish a limitation on the amount of ad valorem taxes that the taxing unit may impose on the residence homesteads of individuals who are disabled or elderly and their surviving spouses.