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TX HB739
Bill
Status
11/12/2024
Primary Sponsor
Mike Schofield
Click for details
AI Summary
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Changes the interest rate on deferred or abated property taxes for residence homesteads from a flat 5% to the lower of either the five-year Constant Maturity Treasury Rate (as reported by the Federal Reserve Board on January 1 of each year) or 5%
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Applies to homestead tax deferrals and abatements available to elderly or disabled individuals who qualify under Section 33.06 of the Tax Code
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Retroactively applies the new interest rate calculation to unpaid taxes with interest that accrued before September 1, 2025, if those taxes remain unpaid as of that date
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Takes effect September 1, 2025
Legislative Description
Relating to the rate at which interest accrues in connection with the deferral or abatement of the collection of ad valorem taxes on certain residence homesteads.
Property Interests
Last Action
Referred to Ways & Means
3/5/2025