Relating to the provision of ad valorem tax relief.
Impact
If passed, HB 701 is set to significantly modify the landscape for property tax exemptions in Texas, particularly benefiting new homeowners and certain demographics such as seniors. The amendments aim to reduce financial strains on these groups by enabling them to secure tax relief despite missing the traditional qualification date. By making property tax exemptions more accessible, the bill contributes to the overarching goal of providing financial relief and promoting homeownership across Texas, while aligning with previous commitments to maintain property tax relief initiatives.
Summary
House Bill 701, titled the 2009 Continued Commitment to Property Tax Relief Act, seeks to amend existing tax codes to enhance ad valorem tax relief measures for property owners in Texas. The bill specifies changes to the determination of eligibility for property tax exemptions, particularly concerning individuals who acquire property after the January 1 eligibility deadline. This change allows new property owners to claim certain exemptions for the full tax year, provided they qualify during that year. Additionally, the bill requires that exemption applications be submitted by a specified date following property acquisition, thus streamlining the claims process for tax relief.
Contention
The bill might encounter varied opinions regarding its implications on local tax revenue, especially among municipalities that depend on property taxes for funding essential services. Critics could argue that the ease of obtaining exemptions may reduce available funding for local municipalities, thereby impacting their operation budgets and services. Proponents, however, argue that facilitating property tax relief is essential for economic stability and growth, particularly in the wake of rising property values and taxation concerns. Discussions surrounding HB 701 will likely bring these divergent views to the forefront, highlighting the balance between tax relief for residents and the financial health of local governments.
Enabling for
Proposing a constitutional amendment to authorize the legislature to limit the maximum appraised value of real property for ad valorem tax purposes to 110 percent or more of the appraised value of the property for the preceding tax year.
Relating to an exemption from ad valorem taxation of 50 percent of the appraised value of the residence homestead of a person who has received a residence homestead exemption on the property for at least the preceding 10 years.
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 of the total appraised value of the residence homesteads of certain elderly persons and their surviving spouses.
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 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 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 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 an exemption from ad valorem taxation of the residence homestead of a Congressional Medal of Honor recipient or the surviving spouse of a Congressional Medal of Honor recipient.