LEGISLATIVE BUDGET BOARD Austin, Texas FISCAL NOTE, 82ND LEGISLATIVE REGULAR SESSION May 2, 2011 TO: Honorable Harvey Hilderbran, Chair, House Committee on Ways & Means FROM: John S O'Brien, Director, Legislative Budget Board IN RE:HJR108 by Madden (Proposing a constitutional amendment authorizing the legislature to provide for a limitation on the appraised value for ad valorem tax purposes of certain residence homesteads of certain veterans.), As Introduced No fiscal implication to the State is anticipated, other than the cost of publication. The cost to the state for publication of the resolution is $105,495. The resolution would propose an amendment to Section 1, Article VIII, of the Texas Constitution, to add new Subsection (k) to permit the Legislature by general law to limit the maximum appraised value of a residence homestead if the homestead is owned by a veteran of the U.S. armed services, and was donated to or renovated for the veteran at no charge. The limitation would be the lesser of the most recent market value of the homestead as determined by the appraisal entity or, for a homestead donated to a veteran, the sum of the appraised value of the land and $150,000. For a homestead renovated at no charge to a veteran, the limitation on appraised value would be the lesser of the most recent market value of the homestead as determined by the appraisal entity or the appraised value of the property for the tax year preceding the renovation. Adoption of the proposed amendment alone would have no fiscal impact on the state other than the cost of publication. Any loss of revenue would be attributable to the corresponding enabling legislation. The proposed amendment would be submitted to voters at an election to be held November 8, 2011. Local Government Impact Adoption of this constitutional amendment alone would have no fiscal impact on units of local government. Source Agencies:304 Comptroller of Public Accounts LBB Staff: JOB, KK, SD, SJS
LEGISLATIVE BUDGET BOARD
Austin, Texas
FISCAL NOTE, 82ND LEGISLATIVE REGULAR SESSION
May 2, 2011
TO: Honorable Harvey Hilderbran, Chair, House Committee on Ways & Means FROM: John S O'Brien, Director, Legislative Budget Board IN RE:HJR108 by Madden (Proposing a constitutional amendment authorizing the legislature to provide for a limitation on the appraised value for ad valorem tax purposes of certain residence homesteads of certain veterans.), As Introduced
TO: Honorable Harvey Hilderbran, Chair, House Committee on Ways & Means
FROM: John S O'Brien, Director, Legislative Budget Board
IN RE: HJR108 by Madden (Proposing a constitutional amendment authorizing the legislature to provide for a limitation on the appraised value for ad valorem tax purposes of certain residence homesteads of certain veterans.), As Introduced
Honorable Harvey Hilderbran, Chair, House Committee on Ways & Means
Honorable Harvey Hilderbran, Chair, House Committee on Ways & Means
John S O'Brien, Director, Legislative Budget Board
John S O'Brien, Director, Legislative Budget Board
HJR108 by Madden (Proposing a constitutional amendment authorizing the legislature to provide for a limitation on the appraised value for ad valorem tax purposes of certain residence homesteads of certain veterans.), As Introduced
HJR108 by Madden (Proposing a constitutional amendment authorizing the legislature to provide for a limitation on the appraised value for ad valorem tax purposes of certain residence homesteads of certain veterans.), As Introduced
No fiscal implication to the State is anticipated, other than the cost of publication. The cost to the state for publication of the resolution is $105,495.
No fiscal implication to the State is anticipated, other than the cost of publication. The cost to the state for publication of the resolution is $105,495.
The cost to the state for publication of the resolution is $105,495.
The resolution would propose an amendment to Section 1, Article VIII, of the Texas Constitution, to add new Subsection (k) to permit the Legislature by general law to limit the maximum appraised value of a residence homestead if the homestead is owned by a veteran of the U.S. armed services, and was donated to or renovated for the veteran at no charge. The limitation would be the lesser of the most recent market value of the homestead as determined by the appraisal entity or, for a homestead donated to a veteran, the sum of the appraised value of the land and $150,000. For a homestead renovated at no charge to a veteran, the limitation on appraised value would be the lesser of the most recent market value of the homestead as determined by the appraisal entity or the appraised value of the property for the tax year preceding the renovation. Adoption of the proposed amendment alone would have no fiscal impact on the state other than the cost of publication. Any loss of revenue would be attributable to the corresponding enabling legislation. The proposed amendment would be submitted to voters at an election to be held November 8, 2011.
The resolution would propose an amendment to Section 1, Article VIII, of the Texas Constitution, to add new Subsection (k) to permit the Legislature by general law to limit the maximum appraised value of a residence homestead if the homestead is owned by a veteran of the U.S. armed services, and was donated to or renovated for the veteran at no charge. The limitation would be the lesser of the most recent market value of the homestead as determined by the appraisal entity or, for a homestead donated to a veteran, the sum of the appraised value of the land and $150,000. For a homestead renovated at no charge to a veteran, the limitation on appraised value would be the lesser of the most recent market value of the homestead as determined by the appraisal entity or the appraised value of the property for the tax year preceding the renovation.
Adoption of the proposed amendment alone would have no fiscal impact on the state other than the cost of publication. Any loss of revenue would be attributable to the corresponding enabling legislation.
The proposed amendment would be submitted to voters at an election to be held November 8, 2011.
Local Government Impact
Adoption of this constitutional amendment alone would have no fiscal impact on units of local government.
Source Agencies: 304 Comptroller of Public Accounts
304 Comptroller of Public Accounts
LBB Staff: JOB, KK, SD, SJS
JOB, KK, SD, SJS