Texas House Bill HB4692

Texas 2009 - 81st Regular

• Out of House Committee: 5/11/09
• Voted on by House: 5/18/09

Caption

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.