TX
Texas House Bill HJR74

Texas 2015 - 84th Regular

Texas House Bill HJR74

Voted on by House
 
Out of Senate Committee
 
Voted on by Senate
 
Sent toSOS
 
Proposed Const. Amend.
 

Caption

Proposing a constitutional amendment increasing the amount of the residence homestead exemption from ad valorem taxation for public school purposes and providing for a reduction of the limitation on the total amount of ad valorem taxes that may be imposed for those purposes on the homestead of an elderly or disabled person to reflect the increased exemption amount.

Impact

If enacted, HJR74 will directly affect state tax laws by modifying the relevant provisions in the Texas Constitution. The resolution mandates that the legislature provide formulas to help school districts account for any revenue losses incurred as a result of implementing this amendment. Furthermore, protections are proposed for individuals aged 65 or older, ensuring their ad valorem tax obligations do not rise as long as they or their surviving spouse continue to occupy the homestead.

Summary

HJR74 is a joint resolution proposing a constitutional amendment aimed at increasing the amount of the residence homestead exemption from ad valorem taxation specifically for public school purposes. The amendment seeks to raise the exemption from $15,000 to $25,000 and adjust the tax limitations for elderly and disabled individuals to correspond with this increased exemption amount. This change is intended to alleviate the tax burden on those qualifying individuals, enabling them to retain more of their property’s value as a tax exemption.

Contention

While HJR74 has notable support from various advocacy groups looking to assist the elderly and disabled demographic, there may be points of contention surrounding the potential financial impacts on school districts and the state budget. Critics may argue that increasing homestead exemptions can lead to diminished funding for public education, as school districts rely on property taxes for their operational budgets. This may spark debates over the balance between providing tax relief to vulnerable populations and ensuring adequate funding for educational services.

Latest HJR74 Activity

Companion Bills

TX HB982

Enabled by Relating to an increase in the amount of the residence homestead exemption from ad valorem taxation by a school district, a reduction of the limitation on the total amount of ad valorem taxes that may be imposed by a school district on the homestead of an elderly or disabled person to reflect the increased exemption amount, and the protection of school districts against the resulting loss in local revenue.

TX SJR1

Similar Proposing a constitutional amendment increasing the amount of the residence homestead exemption from ad valorem taxation for public school purposes and providing for a reduction of the limitation on the total amount of ad valorem taxes that may be imposed for those purposes on the homestead of an elderly or disabled person to reflect the increased exemption amount, authorizing the legislature to prohibit a political subdivision that has adopted an optional residence homestead exemption from ad valorem taxation from reducing the amount of or repealing the exemption, and prohibiting the enactment of a law that imposes a transfer tax on a transaction that conveys fee simple title to real property.

Similar Bills

CA AB1885

Debtor exemptions: homestead exemption.

CA SB832

Debtor exemptions: homestead exemption.

AZ SB1582

Homestead exemptions; amount

TX SJR6

Proposing a constitutional amendment relating to the calculation of a limitation on the total amount of ad valorem taxes that may be imposed by certain political subdivisions on the residence homestead of a person who is elderly or disabled.

TX HJR8

Proposing a constitutional amendment establishing a limitation on the total amount of ad valorem taxes that political subdivisions may impose on the residence homesteads of individuals who are disabled or elderly and their surviving spouses.

TX HJR22

Proposing a constitutional amendment to appropriate money from the economic stabilization fund to the foundation school fund and use the money to finance a temporary increase in the amount of the exemption of residence homesteads from ad valorem taxation by a school district and a temporary reduction in the amount of the limitation on school district ad valorem taxes imposed on the residence homesteads of the elderly or disabled to reflect the increased exemption amount.

TX HJR14

Proposing a constitutional amendment providing for an exemption from ad valorem taxation for public school purposes of a dollar amount or a percentage, whichever is greater, of the market value of a residence homestead and providing for a reduction of the limitation on the total amount of ad valorem taxes that may be imposed for those purposes on the homestead of a person who is elderly or disabled to reflect any increase in the exemption amount.

TX HB3212

Relating to providing for a reduction of the appraised value of a residence homestead for ad valorem tax purposes for the first tax year in which the owner qualifies the property for a residence homestead exemption based on the amount by which the limitation on increases in the appraised value of a residence homestead reduced the appraised value of the owner's former residence homestead for the last tax year in which the owner qualified the former residence homestead for a residence homestead exemption.