S.B. No. 467 introduces a temporary exemption from ad valorem taxation for improvements to a residence homestead that is completely destroyed by fire. The bill adds Section 11.351 to Subchapter B, Chapter 11 of the Tax Code, defining a "residence homestead" and outlining the criteria for eligibility for the exemption. To qualify, the property must have been a habitable dwelling immediately before the fire, remain uninhabitable for at least 30 days after the fire, and the exemption is only applicable for the tax year in which the fire occurs. The amount of the exemption is calculated based on the appraised value of the improvement, adjusted for the number of days remaining in the tax year after the fire.

Additionally, the bill stipulates that property owners must apply for the exemption within 180 days of the fire, and the chief appraiser will determine eligibility based on provided information. If the exemption is granted after taxes have been calculated, the tax amount will be recalculated, and any overpayment will be refunded. The law will take effect on January 1, 2026, contingent upon the approval of a related constitutional amendment by voters. If the amendment is not approved, the bill will have no effect.

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