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TX HB2611
Bill
Status
2/10/2025
Primary Sponsor
Richard Raymond
Click for details
AI Summary
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Increases the residence homestead exemption from school district property taxes from $100,000 to $140,000 of appraised value, effective for tax years beginning January 1, 2025
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Provides additional state aid to school districts to offset revenue losses from the increased homestead exemption, ensuring districts can continue servicing existing debt obligations
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Extends existing state aid provisions for the 2023-2024 and 2024-2025 school years to protect districts from revenue losses caused by previous homestead exemption increases and tax limitation changes
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Establishes transitional procedures for the 2025 tax year, including provisional tax bills for homesteads that would show taxpayers both the reduced amount under the new exemption and what they would owe if the constitutional amendment fails
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Contingent on voter approval of the constitutional amendment proposed by S.J.R. 2 from the 89th Legislature; if voters reject the amendment, the homestead exemption increase provisions have no effect
Legislative Description
Relating to an increase in the amount of the exemption of residence homesteads from ad valorem taxation by a school district and the protection of school districts against certain losses in local revenue.
Property Interests
Last Action
Referred to Ways & Means
3/18/2025