Texas Senate Bill SJR50

Texas 2019 - 86th Regular

Caption

Proposing a constitutional amendment increasing the amount of the residence homestead exemption from ad valorem taxation for public school purposes, providing for the increase of the exemption amount in subsequent years to reflect inflation in homestead values, and 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 a disabled or elderly person to reflect the increased exemption amounts.

Impact

The implementation of SJR50 is expected to relieve financial pressure on homeowners, particularly those who are elderly or disabled, by reducing their overall tax burden. The bill outlines a mechanism for future increases in the exemption which ensures that it keeps pace with inflation, thereby protecting homeowners from unexpected spikes in property taxes that could arise from rapidly rising property values. This may lead to changes in how public schools are funded, as a reduction in ad valorem taxes could influence revenue streams that support local educational institutions.

Summary

SJR50 proposes an amendment to the Texas Constitution aimed at increasing the residence homestead exemption from ad valorem taxation for public school purposes. The proposed amendment raises the exemption amount from $15,000 to $50,000 and mandates that this amount be adjusted in future years based on inflation in homestead values. This effectively means that taxpayers will benefit from a significant reduction in their property tax liability, directly impacting funding for public education.

Contention

While supporters argue that SJR50 is a necessary measure for making housing more affordable for Texans, particularly vulnerable populations such as the elderly and disabled, there may also be concerns regarding the diminishing funding available for public education. Critics might argue that significantly lowering property tax revenues could affect the ability of school districts to operate effectively and maintain quality educational programs. Therefore, the discussion surrounding this bill is likely to engage various stakeholders, including educators, local governments, and advocacy groups, debating the balance between tax relief and sustainable education funding.