Texas 2021 - 87th 3rd C.S.

Texas House Bill HB72

Caption

Relating to a limitation on increases in the appraised value of real property for ad valorem tax purposes.

Impact

The passage of HB72 would directly affect property owners by providing a safeguard against excessive property tax increases driven by rising real estate values. This could lead to more stable tax bills for families and individuals, particularly in areas experiencing rapid development or real estate appreciation. The bill seeks to address concerns from local communities regarding rising housing costs and the burden that increasing property taxes place on homeowners and renters alike, ultimately aiming to create a more manageable taxation framework across the state.

Summary

House Bill 72 aims to impose limitations on the increase of appraised values of real property for ad valorem tax purposes in Texas. The bill specifically modifies provisions related to the appraisal of residential homesteads and other real property, stating that their appraised values cannot exceed 103.5 percent of the amount appraised for the previous tax year, including adjustments for new improvements. This change is designed to provide financial relief to property owners by controlling the growth of property taxes, making it easier for residents to plan their finances amidst rising property values.

Contention

While supporters of HB72 argue that the bill is essential for protecting homeowners from sudden spikes in tax obligations, critics may argue that such limitations could strain local governments' revenue streams, hindering their ability to fund essential services like education and infrastructure. This contentious dynamic raises concerns about the balance between property tax relief for residents and the financial health of public institutions that rely on those tax revenues. Furthermore, given that the bill's effectiveness hinges on a constitutional amendment proposed by a previous legislature, the outcome of this amendment will significantly influence HB72's implementation.

Companion Bills

TX HJR6

Enabling for Proposing a constitutional amendment to authorize the legislature to limit the maximum appraised value of real property for ad valorem tax purposes to 103.5 percent or more of the appraised value of the property for the preceding tax year.

Similar Bills

TX HB157

Relating to the ad valorem taxation of residential real property.

TX HB132

Relating to the ad valorem taxation of residential real property.

TX HB1566

Relating to the ad valorem taxation of residential real property.

TX HB35

Relating to a limitation on increases in the appraised value of real property for ad valorem tax purposes.

TX HB335

Relating to a limitation on increases in the appraised value of real property for ad valorem tax purposes.

TX HB746

Relating to a limitation on increases in the appraised value of real property for ad valorem tax purposes.

TX HB145

Relating to a limitation on increases in the appraised value of real property for ad valorem tax purposes.

TX HB1224

Relating to a limitation on increases in the appraised value of real property for ad valorem tax purposes.