TX
Texas Senate Bill SB8

Texas 2021 - 87th 1st C.S.

Texas Senate Bill SB8

Caption

Relating to the authority of a person who acquires a residence homestead to receive an ad valorem tax exemption for the homestead in the year in which the property is acquired, and the protection of school districts against the resulting loss in revenue.

Impact

The bill’s provisions are designed to bolster support for individuals purchasing homes by reducing immediate tax burdens, thereby promoting home ownership in Texas. It also includes measures to protect school districts from potential revenue loss that could arise from these exemptions. By ensuring that districts can still receive appropriate funding despite the additional exemptions granted, the bill aims to strike a balance between homeowner benefits and the financial stability of local educational institutions.

Summary

Senate Bill 8 (SB8) addresses the authority of individuals who acquire a residence homestead to receive an ad valorem tax exemption in the year of property acquisition. By amending existing provisions in the Texas Tax Code, the bill allows new property owners to qualify for exemptions retroactively, which were previously only available to owners who held the property on January 1 of the tax year. This change minimizes the waiting period for new owners to receive tax benefits, making it easier for them to manage their financial responsibilities associated with home ownership.

Sentiment

General sentiment around SB8 appears to be supportive, particularly among homeowner advocacy groups and those interested in expanding homeownership opportunities. Advocates argue that this bill is a significant step towards making housing more affordable by providing timely tax relief. However, there may be concerns from some educational funding advocates who worry about the long-term impacts on school district finances if implementation of these tax reforms does not adequately address revenue loss.

Contention

Notable contention surrounding SB8 may arise from its implications on local funding mechanisms, particularly for public schools. While the bill proposes safeguards for maintaining school funding, debates may emerge regarding the effectiveness of these measures and whether they will adequately compensate for the loss of taxable revenue from newly exempted homesteads. The discussions are likely to highlight the balance between incentivizing home purchases and maintaining essential services funded by property taxes.

Companion Bills

TX HB224

Same As Relating to the authority of a person who acquires a residence homestead to receive an ad valorem tax exemption for the homestead in the year in which the property is acquired.

Previously Filed As

TX HB5013

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.

TX HB5046

Relating to an increase in the amount of the exemption of residence homesteads from ad valorem taxation by a school district, an adjustment in the amount of the limitation on school district ad valorem taxes imposed on the residence homesteads of the elderly or disabled to reflect increases in the exemption amount, and the protection of school districts against the resulting loss in local revenue.

TX HB3205

Relating to an increase in the amount of the exemption of residence homesteads from ad valorem taxation by a school district, an adjustment in the amount of the limitation on school district ad valorem taxes imposed on the residence homesteads of the elderly or disabled to reflect increases in the exemption amount, and the protection of school districts against the resulting loss in local revenue.

TX HB2467

Relating to an increase in the amount of the exemption of residence homesteads from ad valorem taxation by a school district, an adjustment in the amount of the limitation on school district ad valorem taxes imposed on the residence homesteads of the elderly or disabled to reflect increases in the exemption amount, and the protection of school districts against the resulting loss in local revenue.

TX HB2656

Relating to an increase in the amount of the exemption of residence homesteads from ad valorem taxation by a school district, an adjustment in the amount of the limitation on school district ad valorem taxes imposed on the residence homesteads of the elderly or disabled to reflect increases in the exemption amount, and the protection of school districts against the resulting loss in local revenue.

TX HB4029

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, an adjustment of the limitation on the total amount of ad valorem taxes that may be imposed by a school district on the homestead of a person who is elderly or disabled to reflect increases in the exemption amount, and the protection of school districts against the resulting loss in local revenue.

TX HB58

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, an adjustment of the limitation on the total amount of ad valorem taxes that may be imposed by a school district on the homestead of a person who is elderly or disabled to reflect increases in the exemption amount, and the protection of school districts against the resulting loss in local revenue.

TX HB610

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.

TX HB3973

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.

TX HB5134

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.

Similar Bills

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CA SB429

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IN SB0325

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CA SB240

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IN HB1576

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IN SB0411

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IN SB0461

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IN SB0355

Property tax matters.