TO: | Honorable Fred Hill, Chair, House Committee on Local Government Ways & Means |
FROM: | John S. O'Brien, Director, Legislative Budget Board |
IN RE: | HB457 by Rodriguez (Relating to providing notice of residence homestead exemptions from ad valorem taxation to owners of certain residential real propery. ), Committee Report 1st House, Substituted |
Passage of the bill could result in additional homeowners utilizing a homestead exemption. As a result, taxable property values could be reduced and the related costs to the Foundation School Fund could be increased.
The bill would amends Chapter 25 of the Tax Code to require the chief appraiser to send a written notice of the availability of homestead exemptions to real property owners at such time that appraisal value notices are sent..
Because the state is constitutionally prohibited from imposing a state property tax, there would be no direct fiscal impact on the state. However, to the extent that an undetermined number of homeowners would seek a homestead exemption following receipt of the notice that would be required by this bill, the state could see an undetermined negative fiscal impact due to the operation of the state's school finance system.
School district information indicates that there are approximately 4.7 million single family residences in
The bill would take effect January 1, 2008.
Source Agencies: | 304 Comptroller of Public Accounts
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LBB Staff: | JOB, CT, SD, SJS
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