| TO: | Honorable Fred Hill, Chair, House Committee on Local Government Ways and Means |
| FROM: | John Keel, Director, Legislative Budget Board |
| IN RE: | HB3433 by Rodriguez (Relating to requiring a person responsible for closing a real estate transaction to assist a purchaser in applying for a residence homestead exemption for ad valorem tax purposes.), As Introduced |
The bill would require a person who, for compensation, prepares closing documents for real estate transfers to provide the purchaser of residential property with a copy of a Comptroller-prescribed residential homestead exemption form. Absent a written waiver by the purchaser, the closing party would have to prepare and file a residential homestead application on behalf of the purchaser. Closing parties would be permitted to charge a fee not to exceed $25 for their assistance in preparing and filing exemption applications, and they would be prohibited from accepting as compensation any part of a property tax refund on the subject property.
| Source Agencies: | 304 Comptroller of Public Accounts, 329 Real Estate Commission
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| LBB Staff: | JK, SD, WP, DLBe
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