Relating to a study regarding ad valorem tax relief through the use of a circuit breaker program.
Impact
The bill mandates the Texas comptroller to conduct a comprehensive study with the assistance of an advisory committee. This committee will include representatives from various sectors, such as school districts, real estate, and organizations focused on housing issues, ensuring that diverse perspectives are considered. The analysis will involve exploring different methods for implementing such a program, the eligibility criteria based on income levels, and the potential economic implications for both property owners and the state. This could lead to significant changes in how property taxes are assessed and provide a framework for assisting those who struggle to meet tax obligations.
Summary
House Bill 866 focuses on the creation of a study aimed at exploring the implementation of a circuit breaker program for ad valorem tax relief. This program would provide a mechanism to limit the amount of property taxes imposed on residence homesteads based on the owner's annual income. By establishing a circuit breaker system, the bill intends to alleviate the financial burden on homeowners, particularly those in low to moderate-income brackets. The findings from this study are anticipated to guide future legislative actions related to tax relief provisions in Texas.
Contention
While prompting a positive discourse about tax relief, HB 866 may encounter challenges regarding the potential financial implications for local taxing units and the state budget. The anticipated reduction in ad valorem tax collections could raise concerns among local governments about funding essential services. Moreover, discussions may arise about fairness in terms of tax burden distribution and whether a circuit breaker program effectively addresses the needs of all citizens, particularly those not classified as low or moderate-income. As debates continue, the effectiveness of the circuit breaker model in achieving its intended benefits will be scrutinized.
Relating to providing property tax relief through the public school finance system, exemptions, limitations on appraisals and taxes, and property tax administration; authorizing the imposition of a fee.
Relating to providing school district property tax relief through rent-relief and through adjusting entitlements, compression, and exemptions under the public school finance system.
Relating to providing property tax relief through the public school finance system, exemptions, limitations on appraisals and taxes, and property tax administration.
Relating to providing property tax relief through the public school finance system, exemptions, limitations on appraisals and taxes, and property tax administration; authorizing the imposition of a fee.
Relating to an exemption from ad valorem taxation of a portion of the appraised value of tangible personal property that is held or used for the production of income and a franchise tax credit for the payment of certain related ad valorem taxes.
Relating to the transfer of the regulation of property tax professionals from the Texas Department of Licensing and Regulation to the comptroller of public accounts; providing civil and administrative penalties.
Relating to the abolishment of the Texas Council on Purchasing from People with Disabilities and the transfer of its functions to the Texas Workforce Commission.
Relating to the abolishment of the Texas Council on Purchasing from People with Disabilities and the transfer of its functions to the comptroller of public accounts.
Relating to a Pan American Games trust fund, an Olympic Games trust fund, a Major Events trust fund, a Motor Sports Racing trust fund, and an Events trust fund for sporting and non-sporting events, and to the abolishment of the special event trust fund.