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Senate Bill 12 (2nd C.S.) |
Senate Author: Bettencourt et al. |
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Effective: See below |
House Sponsor: Meyer et al. |
Senate Bill 12 amends the Education Code, Government Code, and Tax Code to provide for the reduction of the amount of the limitation on the total amount of property taxes that may be imposed by a public school district on the residence homestead of an elderly or disabled individual to reflect any reduction from the preceding tax year in the district's maximum compressed tax rate. Among other provisions, the bill entitles a district that is not fully compensated through state aid or the calculation of excess local revenue as part of the foundation school program based on the determination of the district's taxable value of property to additional state aid in the amount necessary to fully compensate the district for the property tax revenue lost due to the reduction. The bill takes effect January 1, 2023, but only if Senate Joint Resolution 2, 87th Legislature, 2nd Called Session, 2021, is approved by voters.