|
House Bill 150 |
House Author: Bell et al. |
|
Effective: See below |
Senate Sponsor: Creighton et al. |
House Bill 150 amends the Tax Code to entitle a disabled veteran who has a disability rating of less than 100 percent to an exemption from taxation of a percentage of the appraised value of the veteran's residence homestead equal to the veteran's disability rating if the residence homestead was donated to the veteran by a charitable organization at some cost to the veteran in the form of a cash payment, a mortgage, or both in an aggregate amount that is not more than 50 percent of the good faith estimate of the residence homestead's market value made by the charitable organization as of the donation date. The bill decreases from eight percent to five percent the annual rate at which interest accrues during the deferral or abatement period in relation to the collection of property taxes on the residence homestead of an elderly or disabled person. The bill takes effect January 1, 2018, contingent on voter approval of the constitutional amendment proposed by House Joint Resolution 21.