TX
Texas Senate Bill SB1694

Texas 2015 - 84th Regular

Texas Senate Bill SB1694

Voted on by Senate
 
Out of House Committee
 
Voted on by House
 
Governor Action
 
Bill Becomes Law
 

Caption

Relating to certain exemptions from ad valorem taxation.

Impact

The proposed changes to ad valorem taxation are significant as they not only increase the financial assistance afforded to particular populations but also place limitations on the ability of school districts to raise taxes on qualifying properties. Specifically, school districts would be prohibited from increasing the total annual amount of ad valorem tax imposed on the residence homesteads of seniors or disabled individuals beyond the amount charged in the first year that these exemptions were qualified. This is intended to protect these individuals from sudden increases in their tax liabilities that could compromise their ability to remain in their homes.

Summary

SB1694 is a bill seeking to amend the provisions related to ad valorem taxation, particularly regarding the exemptions for homeowners. A key amendment involves increasing the homestead exemption from $15,000 to $30,000 for individuals aged 65 and over and for disabled persons. This change aims to provide additional financial relief to these vulnerable segments of the population, who often face different economic strains and fixed incomes. By raising the exemption limit, the bill seeks to alleviate their property tax burden, thereby promoting housing stability among elderly and disabled homeowners.

Contention

Opposition to SB1694 may arise from concerns regarding the fiscal implications for public schools, which could face reduced funding as a result of the increased exemptions. Local governments and educational institutions might argue that such a significant adjustment could strain their budgets and impede their ability to provide necessary services. The bill also invokes discussions around the balance between providing essential financial relief for certain taxpayers and maintaining adequate revenue for critical public services such as education.

Final_notes

The bill's provisions are set to take effect on January 1, 2016, contingent upon the approval of a constitutional amendment increasing the residency homestead exemption. If not approved, the bill will have no effect. This underscores the interconnectedness of various legislative efforts in addressing property tax policies in Texas and the significance of voter input in shaping these laws.

Latest SB1694 Activity

Companion Bills

TX SJR57

Enabling for Proposing a constitutional amendment increasing the amount of the residence homestead exemption from ad valorem taxation for public school purposes, 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, and extending the number of days that certain tangible personal property that is exempt from ad valorem taxation due to its temporary location in this state may remain located in this state before forfeiting the right to the exemption.

Similar Bills

TX HB1104

Relating to the phasing out of ad valorem taxes on the residence homesteads of elderly persons by 2021.

NJ S2279

Permits taxpayers to deduct the total amount of State property taxes paid on principal residence from gross income tax obligation.

TX HJR93

Proposing a constitutional amendment exempting residential real property from ad valorem taxation.

TX HJR14

Proposing a constitutional amendment to increase the amount of the exemption from ad valorem taxation by a school district applicable to residence homesteads, to adjust 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 certain exemption amounts, to establish the property tax relief to rental households fund and authorize the legislature to provide payments to rental households from that fund based on a proportion of rent paid, and to except certain appropriations to pay for school district ad valorem tax relief and property tax relief payments to rental households from the constitutional limitation on the rate of growth of appropriations.

TX HJR2

Proposing a constitutional amendment to authorize the legislature to establish a temporary limit on the maximum appraised value of real property other than a residence homestead for ad valorem tax purposes; to increase the amount of the exemption from ad valorem taxation by a school district applicable to residence homesteads; to adjust 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 certain exemption amounts; to except certain appropriations to pay for ad valorem tax relief from the constitutional limitation on the rate of growth of appropriations; and to authorize the legislature to provide for a four-year term of office for a member of the governing body of certain appraisal entities.

TX SJR3

Proposing a constitutional amendment to authorize the legislature to limit the maximum appraised value of real property for ad valorem tax purposes, to increase the amount of an exemption from ad valorem taxation by a school district applicable to residence homesteads, to adjust 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 certain exemption amounts, and to except certain appropriations to pay for ad valorem tax relief from the constitutional limitation on the rate of growth of appropriations.

NJ S1678

Permits taxpayers to deduct the total amount of State property taxes paid on principal residence from gross income tax obligation.

NJ A1646

"Homestead School Property Tax Reimbursement Act"; provides State reimbursement for 50% of school property taxes paid by seniors, 65 years and older.