Texas House Bill HB1473

Texas 2017 - 85th Regular

Caption

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.

Impact

The enactment of HB1473 is expected to significantly affect elderly residents by offering them relief from property taxes, thereby potentially alleviating financial burdens. This change is intended to support the elderly population, ensuring they can maintain their homes without the pressure of rising property taxes. The legislation's provisions aim to bolster the protection of long-term homeowners by ensuring their tax exemptions remain in place under defined conditions.

Summary

House Bill 1473 (HB1473) is a legislative measure aimed at amending the Texas Tax Code in relation to property tax exemptions for certain elderly individuals and their surviving spouses. The bill proposes an exemption from ad valorem taxation for individuals aged 80 years and older who have held the homestead exemption for a minimum of 10 consecutive years. Furthermore, it extends similar benefits to surviving spouses of qualifying individuals, provided they meet specific age and residency criteria at the time of their spouse's death.

Contention

While proponents of HB1473 argue that it is a necessary improvement to support elderly homeownership, some critics fear that it may place additional financial strain on local governments that rely on property tax revenue. Opponents could argue that such exemptions might lead to funding discrepancies for public services, particularly in areas heavily populated by elderly residents. Balancing fiscal responsibilities with the necessity of supporting vulnerable populations remains a vital discussion point in the legislative process surrounding this bill.