The bill amends the Texas Tax Code to extend the redemption period for elderly individuals (65 years or older) who have lost their residence homestead due to an ad valorem tax sale. Specifically, it allows these individuals to redeem their property on or before the fourth anniversary of the date the purchaser's deed is filed, rather than the standard two-year period applicable to other property owners. This change is reflected in the addition of Subsection (d-1), which outlines the new redemption timeline for elderly owners, ensuring they have additional time to reclaim their property.

Additionally, the bill modifies existing provisions regarding the redemption process, including the amounts owed by the property owner to redeem the property and the applicable redemption premiums. It clarifies that the redemption premium is 25% if redeemed in the first year and 50% if redeemed in a subsequent year, as specified in the amended Subsections (a), (b), and (c). The bill 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.

Statutes affected:
Introduced: Tax Code 34.21 (Tax Code 34)