| TO: | Honorable Jim Keffer, Chair, House Committee on Ways & Means |
| FROM: | John S. O'Brien, Deputy Director, Legislative Budget Board |
| IN RE: | HB1148 by Rodriguez (Relating to the exemption of the residence homesteads of elderly persons from ad valorem taxation and the deferral or abatement of the collection of delinquent taxes on the residence homesteads of elderly and disabled persons.), As Introduced |
Passage of the bill could increase the number of homestead exemptions for persons aged 65-and-over, and could also increase the number of property tax deferrals. This would reduce the amount of taxable property values and increase the related costs to the Foundation School Fund.
The bill would waive the application requirement for the 65-and-over homestead exemption if a person who qualified for the general homestead exemption provided the appraisal district his or her birthdate on the general homestead exemption application. The bill would also provide for automatic deferral of property taxes on homesteads of persons 65-and-over.
Passage of the bill could increase the number of homestead exemptions for persons aged 65-and-over, and could also increase the number of property tax deferrals. This would reduce the amount of taxable property values and the related ad valorem taxes collected by units of local government.
| Source Agencies: | 304 Comptroller of Public Accounts
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| LBB Staff: | JOB, SD, WP, DLBe
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