87(1) HB 300 - Introduced version - Bill Text
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A BILL TO BE ENTITLED
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AN ACT
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relating to the maximum amount of the local option residence |
 
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homestead exemption from ad valorem taxation by a taxing unit. |
 
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             BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
 
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             SECTION  1.    Section 11.13(n), Tax Code, is amended to read as |
 
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follows: |
 
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             (n)    In addition to any other exemptions provided by this |
 
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section, an individual is entitled to an exemption from taxation by |
 
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a taxing unit of a percentage of the appraised value of the |
 
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individual's [his] residence homestead if the exemption is adopted |
 
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by the governing body of the taxing unit before July 1 in the manner |
 
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provided by law for official action by the body. If the percentage |
 
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set by the taxing unit produces an exemption in a tax year of less |
 
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than $5,000 when applied to a particular residence homestead, the |
 
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individual is entitled to an exemption of $5,000 of the appraised |
 
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value. The percentage adopted by the taxing unit may not exceed 100 |
 
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[20] percent. |
 
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             SECTION  2.    This Act applies only to ad valorem taxes imposed |
 
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for a tax year that begins on or after the effective date of this |
 
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Act. |
 
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             SECTION  3.    This Act takes effect January 1, 2022, but only |
 
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if the constitutional amendment proposed by the 87th Legislature, |
 
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1st Called Session, 2021, to increase the maximum amount of the |
 
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local option residence homestead exemption from ad valorem taxation |
 
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by a political subdivision is approved by the voters. If that |
 
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amendment is not approved by the voters, this Act has no effect. |