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TX HB2133
Bill
Status
1/28/2025
Primary Sponsor
Salman Bhojani
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AI Summary
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Creates a one-time property tax credit for first-time homebuyers on the first residence homestead they purchase and qualify for, applicable in the tax year following the purchase
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Credit amount equals the lesser of: a proportional share of $3,000 (based on each taxing unit's portion of total property taxes) or one-half of the taxes imposed by that taxing unit
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Applicants must file with the chief appraiser, including an affidavit affirming qualification, by the residence homestead exemption deadline; the chief appraiser's decision can be protested and appealed
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School districts' taxable value calculations will exclude an amount equivalent to the value needed to generate revenue equal to the total credits provided under this program
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Takes effect January 1, 2026, contingent on voter approval of a related constitutional amendment authorizing the credit and reimbursement to political subdivisions for revenue losses
Legislative Description
Relating to a one-time credit against the ad valorem taxes imposed by a taxing unit on the first property that a person purchases and qualifies as the person's residence homestead and to the effect of the credit on the determination of the taxable value of a school district.
Property Interests
Last Action
Left pending in committee
5/5/2025