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A BILL TO BE ENTITLED
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AN ACT
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relating to a one-time credit against the ad valorem taxes imposed |
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by a taxing unit on the residence homestead of a first-time home |
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buyer and to the effect of the credit on the determination of the |
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taxable value of a school district. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Chapter 31, Tax Code, is amended by adding |
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Section 31.039 to read as follows: |
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Sec. 31.039. RESIDENCE HOMESTEAD TAX CREDIT FOR FIRST-TIME |
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HOME BUYER. (a) In this section, "residence homestead" has the |
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meaning assigned by Section 11.13. |
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(b) A person is entitled to a credit against the taxes |
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imposed by a taxing unit on the residence homestead of the person in |
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the first tax year following the year in which the person purchased |
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the property if the person has not previously qualified a property |
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as the person's residence homestead. |
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(c) The amount of the credit in the aggregate is equal to the |
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lesser of: |
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(1) $3,000; or |
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(2) one-half of the taxes imposed by the taxing unit on |
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the residence homestead. |
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(d) To receive a credit under this section, a person must |
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file an application with the chief appraiser of the appraisal |
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district in which the property is located. The application must |
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include an affidavit affirming that the applicant is qualified for |
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the credit. The application must be filed not later than the |
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deadline for filing an application for a residence homestead |
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exemption on the property for the tax year, including any provision |
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authorizing the filing of a late application. |
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(e) The chief appraiser shall approve or deny an application |
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under this section for each taxing unit for which the appraisal |
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district appraises the property. A determination of the chief |
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appraiser is subject to protest and appeal in the same manner as a |
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determination to approve or deny an application for a residence |
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homestead exemption. |
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(f) The chief appraiser shall forward a copy of the |
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application to the assessor for each taxing unit that imposes taxes |
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on the residence homestead and certify to the assessor whether the |
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chief appraiser has approved or denied the application. |
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(g) The comptroller shall adopt rules for the |
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administration of this section, including rules prescribing the |
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documentation required to establish qualification for the credit. |
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(h) A person who has previously received a credit under this |
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section may not receive a credit under this section in a subsequent |
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tax year. |
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SECTION 2. Section 403.302, Government Code, is amended by |
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adding Subsection (d-2) to read as follows: |
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(d-2) For purposes of Subsection (d), taxable value does not |
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include an amount equal to the taxable value required to generate |
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revenue, when taxed at the school district's tax rate in the year |
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that is the subject of the study, in an amount that is equal to the |
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total amount of the credits provided by the district under Section |
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31.039, Tax Code, in that year. |
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SECTION 3. This Act applies only to ad valorem taxes imposed |
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for a tax year beginning on or after the effective date of this Act. |
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SECTION 4. This Act takes effect January 1, 2024, but only |
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if the constitutional amendment proposed by the 88th Legislature, |
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Regular Session, 2023, to authorize the legislature to provide for |
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a one-time credit against the ad valorem taxes imposed by a |
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political subdivision on the residence homestead of a first-time |
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home buyer and to provide for the reimbursement of political |
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subdivisions for the revenue loss incurred as a result of the credit |
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is approved by the voters. If that amendment is not approved by the |
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voters, this Act has no effect. |