Relating to allowing persons acquiring a new residence homestead to receive an ad valorem tax exemption on the homestead in the year in which the property is acquired.
Impact
Should SB2139 be enacted, it will significantly adjust the way property taxes are assessed for individuals who purchase a home during the tax year. Previously, tax exemptions could only be applied from January 1 if the property qualified for an exemption. Now, individuals can benefit from tax exemptions as soon as they qualify, effectively lowering their tax burden for that year. This adjustment could encourage home buying by making it financially more feasible for residents to acquire new homes, thereby potentially stimulating the housing market.
Summary
SB2139 is legislation aimed at modifying the ad valorem tax exemptions applicable to newly acquired residence homesteads within Texas. Specifically, the bill allows individuals who acquire a new homestead to receive the applicable tax exemptions for the entire tax year in which the property is acquired. This change seeks to benefit homeowners by providing immediate tax relief and clarity on their tax obligations after property acquisition. The modifications focus on Sections 11.42 and 26.10 of the Texas Tax Code, enabling a more favorable tax calculation upon acquisition of the property.
Contention
While supporters argue that SB2139 provides necessary tax relief to new homeowners, some concerns may arise regarding how this change could affect local government revenue. There may be discussions around whether this legislation could lead to increased fiscal pressure on municipal budgets that rely on property taxes for funding essential services. Additionally, the bill excludes exemptions for individuals aged 65 or older under certain conditions, which may be a point of contention for advocates who prioritize protections for senior citizens in the context of property taxation.
Identical
Relating to allowing persons acquiring a new residence homestead to receive an ad valorem tax exemption on the homestead in the year in which the property is acquired.
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 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 an increase in the amount of the exemption of residence homesteads from ad valorem taxation by a school district, an adjustment in the amount of the limitation on school district ad valorem taxes imposed on the residence homesteads of the elderly or disabled to reflect increases in the exemption amount, and the protection of school districts against the resulting loss in local revenue.