Relating to the authority of a property owner to enter into a property tax loan if the property is already subject to a lien securing such a loan.
Impact
The implications of SB1997 are significant for property owners and lenders. By refining the conditions under which property tax loans may be accessed in relation to existing liens, the bill could facilitate greater financial flexibility for property owners perhaps facing potential tax lien challenges. This may lead to improved financial stability for some owners, allowing them to manage their tax obligations more effectively. Moreover, it aims to prevent the overlapping of tax liens that could complicate or hinder the financial agreements entered by property owners.
Summary
SB1997 amends the Texas Tax Code concerning the authority of property owners to enter into property tax loans when their property is already subject to a lien securing such a loan. The bill aims to clarify the limitations on transferring tax liens and offers specific provisions that govern such transactions. Specifically, it addresses scenarios where properties are financed with government grants or below-market loans, which usually come with additional restrictions, to ensure compliance with existing covenants.
Contention
While the bill seeks to streamline the process for obtaining property tax loans, it may encounter contention relating to its impact on governmental programs designed to assist low-income property owners. Critics might argue that by allowing more flexibility in entering tax tax loans, the bill could inadvertently diminish protections for those reliant on grants or subsidized financing intended to keep housing affordable. Thus, a careful balance between facilitating loans and preserving support for vulnerable property owners will be a key point of discussion following the bill's introduction.
Identical
Relating to the authority of a property owner to enter into a property tax loan if the property is already subject to a lien securing such a loan.
Relating to the authority of a taxing unit to sell certain seized or foreclosed property to an owner of an abutting property without conducting a public sale.
Relating to the authority of a taxing unit to sell certain seized or foreclosed property to an owner of an abutting property without conducting a public sale.
Relating to the duty of a school district to enter into an ad valorem tax abatement agreement under the Property Redevelopment and Tax Abatement Act for certain property.
Relating to the determination and reporting of the number of residence homesteads of elderly or disabled persons that are subject to the limitation on the total amount of ad valorem taxes that may be imposed on the properties by school districts and of the number of residence homesteads of certain property owners for which the owner deferred collection of a tax, abated a suit to collect a delinquent tax, or abated a sale to foreclose a tax lien.
Relating to the calculation of certain ad valorem tax rates of a taxing unit for a year in which a property owner provides notice that the owner intends to appeal an order of an appraisal review board determining a protest by the owner regarding the appraisal of the owner's property.