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 impact of HB1772 on state laws is significant as it modifies the existing tax framework, specifically through the introduction of exemptions that would allow for a complete non-taxable status for eligible residence homesteads. This creates a shift in the taxation landscape for the elderly, allowing them to potentially save substantial amounts on their property taxes, thus contributing to financial stability for this vulnerable population. Furthermore, this exemption has implications for local government revenue, as they will need to adjust their budgeting and financial planning in light of reduced tax income from these exempt properties.
Summary
House Bill 1772 aims to provide an exemption from ad valorem taxation for the total appraised value of residence homesteads owned by individuals who are 75 years of age and older, as well as for their surviving spouses. This bill seeks to amend the Texas Tax Code by adding provisions for these exemptions, thereby reducing the tax burden on these specific demographic groups. By targeting elderly individuals and their spouses, the bill attempts to alleviate some financial pressures often faced in retirement, particularly in the context of rising property taxes.
Contention
Notable points of contention may arise regarding the fairness and sustainability of such tax exemptions. Advocates argue that eliminating property taxes for elderly constituents promotes greater equity, particularly for those on fixed incomes. Opponents might critique the potential loss of revenue for local governments, which may lead to budget cuts in essential services. Additionally, questions about the applicable age criteria and the continuity of such exemptions for surviving spouses may spark discussions on age discrimination and equity in taxation. Proponents of the bill will need to address these concerns comprehensively to ensure it garners sufficient legislative support.
Enabling for
Proposing a constitutional amendment to exempt from ad valorem taxation the total market 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 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.
Proposing a constitutional amendment to exempt from ad valorem taxation the total market value of the residence homesteads of certain elderly persons and their surviving spouses.
Proposing a constitutional amendment to exempt from ad valorem taxation the total market value of the residence homesteads of certain elderly persons and their surviving spouses.
Proposing a constitutional amendment to exempt from ad valorem taxation the total market value of the residence homesteads of certain elderly persons and their surviving spouses.
Proposing a constitutional amendment to exempt from ad valorem taxation the total market 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 providing property tax relief through the public school finance system, exemptions, limitations on appraisals and taxes, and property tax administration.
Relating to a temporary increase in the amount of the exemption of residence homesteads from ad valorem taxation by a school district, 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, and a temporary protection of school districts against the resulting temporary loss in local revenue.
Relating to an exemption from ad valorem taxation by a school district of a dollar amount or a percentage, whichever is greater, of the appraised value of a residence homestead, 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 any increase in the exemption amount, and the protection of school districts against the resulting loss in local revenue.
Relating to an increase in the amount of the exemption of residence homesteads from ad valorem taxation by a school district, a 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, and the protection of school districts against the resulting loss in local revenue.
Relating to an increase in the amount of the exemption of residence homesteads from ad valorem taxation by a school district, a 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, and the protection of school districts against the resulting loss in local revenue.