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Senate Bill 8 (2nd C.S.) |
Senate Author: Bettencourt et al. |
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Effective: 1-1-22 |
House Sponsor: Meyer et al. |
Senate Bill 8 amends the Tax Code to authorize a person who acquires property after January 1 of a tax year to receive a residence homestead property tax exemption, other than an exemption for an adult who is disabled or 65 years of age or older, for the applicable portion of that tax year immediately on qualification for the exemption if the preceding owner did not receive the same exemption for that tax year. Among other provisions, the bill requires that a person who qualifies their property for an exemption after paying the taxes due on the property be refunded any amount of taxes paid that exceeded the tax due after accounting for the exemption.
Senate Bill 8 amends the Education Code to provide for how the amount of taxes refunded factor in with respect to the public school financial accountability rating system and the tier two allotment and to entitle a school district to state aid for each school year in an amount equal to the amount of all of the tax refunds.