Relating to notice of and assistance in filing an application for a residence homestead exemption from ad valorem taxation provided to a home buyer by a title insurance company or title insurance agent in connection with the closing and settlement of certain transactions pertaining to residential real property; authorizing a fee; providing for the imposition of an administrative penalty.
Impact
The impact of HB 3412 on state laws includes the incorporation of clear guidelines regarding the obligations of title insurance companies related to homestead exemptions. By formalizing these responsibilities, the bill seeks to streamline the exemption application process, thereby potentially increasing the number of homeowners eligible for tax relief. Furthermore, the ability for title companies to charge a fee for these services adds a structured financial element to the assistance provided, which could incentivize compliance and thoroughness in helping buyers navigate their homestead exemption opportunities.
Summary
House Bill 3412 aims to enhance the assistance provided to home buyers regarding residence homestead exemption applications from ad valorem taxation. This legislation mandates title insurance companies and their agents to inform buyers during the real estate closing process about the eligibility and procedures for obtaining homestead exemptions. Specifically, the bill requires a notice detailing the relevant criteria, deadlines, and application instructions to be provided to the buyers as part of the closing settlement on residential property transactions. As an added benefit, title insurance companies are also obligated to assist buyers in applying for these exemptions unless the buyer chooses to waive this right.
Contention
While this bill is primarily focused on aiding home buyers, there may be debates surrounding the imposition of fees by title insurance companies for this service. Concerns may arise over whether such fees could create additional barriers for buyers, particularly for those with limited financial resources. Moreover, the repeal of specific sections from existing tax code reflects a shift in how the exemption application process is managed, which could lead to discussions about the broader implications of this legislative change for existing applicants and potential legal interpretations of the new rules. Overall, HB 3412 is positioned to reshape the interactions between title insurance companies and home buyers significantly.
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 the total appraised value of the residence homesteads of certain elderly persons and their surviving spouses.
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.
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 an exemption from ad valorem taxation of the total appraised value of the residence homesteads of certain elderly persons and their surviving spouses.
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.
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.
Relating to an exemption from ad valorem taxation of a portion of the appraised value of a property other than a residence homestead that is the primary residence of an adult who has an intellectual or developmental disability and who must be related to the owner or trustee of the property within a certain degree by consanguinity.
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.