Relating to the calculation of ad valorem taxes on the residence homestead of a 100 percent or totally disabled veteran or the surviving spouse of the veteran for the tax year in which the veteran or spouse qualifies or ceases to qualify for an exemption from taxation of the homestead.
Impact
The bill specifically modifies the procedures for how property taxes are assessed for disabled veterans and surviving spouses who may have recently qualified or ceased qualifying for a homestead exemption. Under the current tax regulations, changes in exemption status can lead to substantial tax implications. By already calculating taxes as if the exemption were in place for the whole year, the legislation aims to provide stability and predictability in tax obligations, significantly impacting budgeting for affected families.
Summary
House Bill 1008 proposes amendments to the Tax Code in Texas regarding the calculation of ad valorem taxes on the residence homestead of totally disabled veterans and their surviving spouses. The bill seeks to ensure that for the tax year in which a veteran qualifies for an exemption from property taxation, the exemption is effective from January 1 and applies for the entire year. This change aims to provide financial relief to veterans and their families by preventing unexpected tax liabilities when their exemption status changes mid-year.
Sentiment
General sentiment around HB 1008 appears to be positive, particularly from advocacy groups supporting veterans’ issues, who view it as a necessary measure to honor and support those who have served. Legislators emphasize its importance in reducing financial burdens on families of disabled veterans, reflecting a compassionate approach to tax policy. However, there may be some contention regarding the implications of changes in state tax revenues due to expanded exemptions, which could necessitate careful fiscal consideration.
Contention
Notable points of contention may arise regarding the potential effects on local and state tax revenues as the exemption becomes more comprehensive. Some lawmakers might express concerns about the long-term fiscal implications of increasing tax exemptions for specific groups while others argue that the moral imperative to support veterans outweighs these considerations. Ensuring that tax regulations adequately support disabled veterans without overly burdening the state’s finances will likely be a key point of debate.
Identical
Relating to the calculation of ad valorem taxes on the residence homestead of a 100 percent or totally disabled veteran or the surviving spouse of the veteran for the tax year in which the veteran or spouse qualifies or ceases to qualify for an exemption from taxation of the homestead.
Relating to the exemption from ad valorem taxation of the total appraised value of the residence homestead of the surviving spouse of a 100 percent or totally disabled veteran.
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 a portion of the appraised value of the residence homesteads of certain elderly persons and their surviving spouses.
Relating to a limitation on increases in the appraised value for ad valorem tax purposes of the residence homesteads of military veterans, individuals who are disabled or 65 years of age or older, 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.
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.