Relating to ad valorem tax relief for an owner of certain property, including a residence homestead that is rendered uninhabitable or unusable by a casualty or by wind or water damage, and to a restriction on the authority to bring an action to remove a house that is partially located on a public beach as a result of a meteorological event.
Impact
The bill allows homeowners to maintain certain tax exemptions, which could significantly aid financial recovery and incentivize prompt rebuilding efforts. By extending the exemption period for up to three years, the law recognizes the challenges of construction timelines and provides necessary support during the transition period. Furthermore, it clarifies existing regulations on how property improvements are assessed concerning tax increases, particularly in instances where structures are replaced due to significant damage.
Summary
House Bill 770 introduces amendments to the Tax Code in Texas regarding ad valorem taxation for residential properties. Specifically, it provides provisions for homeowners whose residences become uninhabitable or unusable due to various causes, including casualty or damage from mold or water. Under this legislation, affected homeowners can continue to receive homestead exemptions while they rebuild or replace their damaged structures, provided they do not establish a new principal residence during this time. This measure aims to alleviate some of the financial burdens faced by homeowners who must deal with unexpected damage to their property.
Contention
There may be points of contention surrounding the bill, particularly concerning the additional tax implications for homeowners who sell their properties before completing construction of a replacement structure. If a property is sold under such circumstances, an additional tax is imposed, complicating the selling process. This aspect may raise concerns among stakeholders regarding the fairness of imposing retrospective taxes after homeowners have received exemptions, particularly in vulnerable situations resulting from unexpected damages. The bill aims to balance tax relief for residential properties while ensuring tax compliance for local governments.
Relating to the treatment of a replacement structure for a structure that was rendered uninhabitable or unusable by a casualty or by wind or water damage as a new improvement for ad valorem tax purposes.
Relating to limitations on increases in the appraised value for ad valorem tax purposes of residence homesteads and single-family residences other than residence homesteads.
Relating to limitations on increases in the appraised value for ad valorem tax purposes of residence homesteads and single-family residences other than 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 a limitation on the total amount of ad valorem taxes that a school district may impose on certain residence homesteads following a substantial school tax increase.
Relating to the authority of a municipality, county, or property owners' association to prohibit or regulate certain activities on residence homestead property.
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.
Relating to the authority of a taxing unit other than a school district, county, municipality, or junior college 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 and to the information required to be included in a tax bill.
Relating to the authority of a municipality, county, or property owners' association to prohibit or regulate certain activities on residence homestead property.
Relating to the payment in installments of ad valorem taxes on certain property owned by a business entity and located in a disaster area and to the ad valorem taxation of a residence homestead rendered uninhabitable or unusable by a casualty or by wind or water damage.
Relating to the treatment of a replacement structure for a structure that was rendered uninhabitable or unusable by a casualty or by wind or water damage as a new improvement for ad valorem tax purposes.
Relating to the treatment of a replacement structure for a structure that was rendered uninhabitable or unusable by a casualty or by wind or water damage as a new improvement for ad valorem tax purposes.
Relating to the treatment of a replacement structure for a structure that was rendered uninhabitable or unusable by a casualty or by wind or water damage as a new improvement for ad valorem tax purposes.
Relating to certain residential and other structures and mitigation of loss to those structures resulting from natural catastrophes; providing a criminal penalty.