Relating to the period for which a property owner may receive a residence homestead exemption from ad valorem taxation for property that is rendered uninhabitable or unusable as a result of a disaster.
Impact
The bill stipulates that property owners can receive this exemption for a period of up to five years if the property is situated in a disaster-declared area and classified as uninhabitable. Otherwise, the maximum exemption period is two years. This change is poised to provide essential financial relief to residents affected by calamities, effectively allowing them to focus on rebuilding without the additional stress of property taxes during the transition period.
Summary
Senate Bill 443 introduces a significant amendment to the Texas Tax Code regarding the residence homestead exemption for property rendered uninhabitable due to disasters. It allows property owners to maintain their homestead exemption status as they rebuild their homes, provided they do not establish a different principal residence. This measure aims to support homeowners recovering from disasters by alleviating the financial burden associated with property taxes during the reconstruction phase.
Sentiment
The sentiment surrounding SB 443 has been largely positive, as it reflects legislative action to provide necessary support for communities affected by disasters. The bill passed with overwhelming bipartisan support—30 votes in favor and just 1 against in the Senate, followed by a unanimous vote in the House. This level of approval indicates broad recognition of the importance of protecting homeowners during recovery efforts, making it a welcome development in Texas legislation.
Contention
While the bill has garnered substantial support, a potential area of contention arises from the specifics of the exemption duration. Critics may argue that the prescribed timeframes for maintaining the exemption could still pose challenges for some homeowners, particularly in especially hard-hit areas where rebuilding may take longer than anticipated. However, for the most part, the bill's intent and structure have been seen as beneficial for disaster recovery efforts.
Same As
Relating to the period for which a property owner may receive a residence homestead exemption from ad valorem taxation for property that is rendered uninhabitable or unusable as a result of a disaster.
Relating to notice by an appraisal district to an owner of residential property of the owner's potential eligibility for a residence homestead exemption from ad valorem taxation of the property and the manner in which certain owners may apply for the exemption.
Relating to an exemption from ad valorem taxation of 50 percent of the appraised value of the residence homestead of a person who has received a residence homestead exemption on the property for at least the preceding 10 years.
Relating to limitations on increases in the appraised value for ad valorem tax purposes of residence homesteads and single-family residences other than residence homesteads.
Relating to limitations on increases in the appraised value for ad valorem tax purposes of residence homesteads and single-family residences other than residence homesteads.