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TX SB488
Bill
Status
11/22/2024
Primary Sponsor
Lois Kolkhorst
Click for details
AI Summary
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Expands the authority to establish property tax limitations on residence homesteads of disabled or elderly individuals from only counties, municipalities, and junior college districts to any taxing unit other than school districts
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Taxing units that adopt such limitations cannot increase ad valorem taxes on qualifying homesteads above the amount imposed in the first year the homeowner qualified for the disabled or elderly exemption under Section 11.13(c)
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Surviving spouses who are disabled or at least 55 years old may retain the tax limitation if the qualifying individual dies, provided they continue to use the property as their residence homestead
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Tax limitations transfer when qualifying individuals move to a new homestead within the same taxing unit, with the new limitation calculated based on a proportional formula comparing taxes on the former and new properties
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Takes effect January 1, 2026, contingent upon voter approval of a related constitutional amendment proposed by the 89th Legislature authorizing political subdivisions to establish these tax limitations
Legislative Description
Relating to the authority of a taxing unit other than a school district to establish a limitation on the amount of ad valorem taxes that the taxing unit may impose on the residence homesteads of individuals who are disabled or elderly and their surviving spouses.
Property Interests
Last Action
Referred to Local Government
2/3/2025