Relating to the exemption from ad valorem taxation of a percentage of the assessed value of a property owned by certain disabled veterans and the amount of the exemption for the surviving spouses and children of certain disabled veterans.
Impact
If enacted, HB250 would significantly affect how disabled veterans and their families are taxed on property across Texas, providing financial relief through lowered property taxes. The bill not only benefits those veterans who are currently disabled but also ensures that their surviving family members continue to reap the benefits of the exemption. Consequently, it is expected to relieve economic pressure on vulnerable groups and align state laws with a supportive stance toward veterans. The exemptions proposed in the bill emphasize the state's commitment to honoring the sacrifices made by veterans while potentially influencing local tax revenues.
Summary
House Bill 250 aims to amend the Texas Tax Code, specifically concerning the exemption from ad valorem taxation for certain disabled veterans. The bill proposes a structured exemption based on the percentages of assessed property value that varies according to the disability rating of the veteran. For instance, a veteran with a disability rating of at least 10% but less than 30% is entitled to a 20% exemption, with the percentage increasing progressively based on the severity of the disability, reaching a full exemption for those rated at 100%. Additionally, provisions exist for surviving spouses and children to receive a portion of the exemption amount following the veteran's death, promoting continued support for families of disabled veterans.
Contention
However, there are aspects of HB250 that may provoke debate among lawmakers and community members. For example, the bill's effectiveness is contingent upon the approval of a constitutional amendment by voters, which raises questions about public sentiment towards fiscal measures that might limit local jurisdictions' capacity to levy taxes. Critics may argue that such exemptions could disproportionately impact funding for local services and infrastructure. Furthermore, discussions may arise around the equity of tax exemptions among different groups, prompting a closer look at the balance between supporting veterans and ensuring equitable tax contributions from all residents.
Relating to the exemption from ad valorem taxation of a percentage of the assessed value of a property owned by certain disabled veterans and the amount of the exemption for the surviving spouses and children of certain disabled veterans.
Proposing a constitutional amendment authorizing the legislature to exempt from ad valorem taxation a percentage of the assessed value of property owned by certain disabled veterans.
Proposing a constitutional amendment authorizing the legislature to increase the amount of the exemption from ad valorem taxation of property owned by certain disabled veterans.
Relating to the exemption from ad valorem taxation of part of the appraised value of the residence homestead of a partially disabled veteran or the surviving spouse of such a veteran based on the disability rating of the veteran.
Relating to the exemption from ad valorem taxation of part of the appraised value of the residence homestead of a partially disabled veteran or the surviving spouse of such a veteran based on the disability rating of the veteran.
Relating to the exemption from ad valorem taxation of part of the appraised value of the residence homestead of a partially disabled veteran or the surviving spouse of such a veteran based on the disability rating of the veteran.
Relating to the exemption from ad valorem taxation of the total appraised value of the residence homestead of the surviving spouse of a 100 percent or totally disabled veteran.