S.B. No. 467 introduces a temporary exemption from ad valorem taxation for the appraised value of 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 residence must have been a habitable dwelling immediately before the fire and must remain uninhabitable for at least 30 days following the incident. The exemption is applicable only for the tax year in which the fire occurs, and the amount of the exemption is calculated based on the remaining days in the tax year after the fire.

Additionally, property owners must submit an application for the exemption to the chief appraiser within 180 days of the fire. The chief appraiser is authorized to determine eligibility based on information from various sources, including fire marshals and insurance adjusters. If the exemption is granted after taxes have been calculated, the tax amount will be adjusted accordingly, and any overpayment will be refunded. The bill is set to take effect on January 1, 2026, contingent upon the approval of a related constitutional amendment by voters.

Statutes affected:
Introduced: ()
Senate Committee Report: ()
Engrossed: ()
House Committee Report: ()
Enrolled: ()