LEGISLATIVE BUDGET BOARD Austin, Texas FISCAL NOTE, 77th Regular Session April 3, 2001 TO: Honorable Teel Bivins, Chair, Senate Committee on Education FROM: John Keel, Director, Legislative Budget Board IN RE: HB506 by Smith (Relating to the transfer of a limitation on school district ad valorem taxes on the residence homestead of the surviving spouse of an elderly person to a subsequent homestead.), As Engrossed ************************************************************************** * No significant fiscal implication to the State is anticipated. * ************************************************************************** Following the passage of House Joint Resolution 4 (75th Legislature, 1997), 65-and-over homeowners can transfer their tax ceiling to a different home. The ceiling on the new home is calculated to provide the homeowner the same percentage of tax paid as the ceiling on the original home. The bill clarifies the provision that surviving spouses aged 55 and older who move from one homestead to another can continue the tax freeze. Local Government Impact No significant fiscal implication to units of local government is anticipated. Source Agencies: 304 Comptroller of Public Accounts LBB Staff: JK, CT, WP, BR