Honorable Dustin Burrows, Chair, House Committee on Ways & Means
FROM:
John McGeady, Assistant Director Sarah Keyton, Assistant Director Legislative Budget Board
IN RE:
HB240 by Bernal (Relating to installment payments of ad valorem taxes imposed on certain residence homesteads.), As Introduced
No significant fiscal implication to the State is anticipated.
The bill would amend Chapter 31, of the Tax Code, related to property tax collections, permitting any disabled veteran or other individual who has a residence homestead exemption to pay property taxes on that homestead in four equal installments, rather than just a homestead owner who is at least 65 years of age, disabled, a disabled veteran, or the unmarried surviving spouse of a disabled veteran.
The bill would affect the timing but not the amount of property taxes paid and the final installment would be paid in the same fiscal year required under current law except in rare cases. Consequently, the bill would not create a significant cost to the state or local taxing units.
The bill would take effect January 1, 2020.
Local Government Impact
No significant fiscal implication to units of local government is anticipated.