Honorable Morgan Meyer, Chair, House Committee on Ways & Means
FROM:
Jerry McGinty, Director, Legislative Budget Board
IN RE:
HB4077 by Noble (Relating to the procedure for qualifying for an exemption from ad valorem taxation of the residence homestead of an elderly person.), As Introduced
No significant fiscal implication to the State is anticipated.
The bill would amend Chapter 11 of the Tax Code, relating to Taxable Property and Exemptions, to clarify that an individual aged 64 and receiving an exemption on their residence homestead is eligible for the following tax year, and the chief appraiser must allow, for certain additional tax exemptions applicable to individuals 65 and older. The exemptions would apply to the same property and without having to apply or otherwise request it, provided the individual's information on file supports granting the exemption.
Local Government Impact
No significant fiscal implication to units of local government is anticipated.