Texas House Bill HB4697

Texas 2009 - 81st Regular

Caption

Relating to an exemption of a portion of the appraised value of the residence homestead of an elderly person from ad valorem taxation by a fresh water supply district.

Impact

The implications of HB 4697 would be significant for eligible elderly citizens, potentially increasing their disposable income and enhancing their quality of life. By reducing their financial obligations related to property taxes, the bill encourages stability for seniors living on fixed incomes. Moreover, it aims to improve overall tax equity by compensating for the higher costs that seniors may face due to rising property values, which could otherwise lead to displacement or financial strain.

Summary

House Bill 4697 aims to provide a tax exemption of $100,000 on the appraised value of the residence homestead for individuals aged 65 or older, specifically from ad valorem taxation imposed by fresh water supply districts. This initiative is designed to lighten the financial burden on elderly homeowners by reducing the amount owed in property taxes, thereby enabling them to retain their homes more easily during retirement. The bill amends current provisions in the Texas Tax Code to reflect this exemption and lays out the eligibility criteria and application process for seniors seeking relief.

Contention

However, there are notable points of contention surrounding the proposed bill. Critics may argue that exempting a portion of the appraised value decreases revenue for fresh water supply districts that rely on these funds for essential services. With the state’s water management strategies often requiring consistent funding, detractors worry that such tax exemptions could lead to funding shortfalls, thereby impacting the districts' ability to maintain infrastructure and services. The discussion may also delve into whether this tax exemption sufficiently addresses the broader issues of affordability and accessibility in housing for the elderly.