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Bill > HJR122

TX HJR122

TX HJR122
Proposing a constitutional amendment to increase the amount of the exemption of residence homesteads from ad valorem taxation by a school district and to adjust the amount of the limitation on school district ad valorem taxes imposed on the residence homesteads of the elderly or disabled to reflect increases in the exemption amount.

summary

Introduced
02/22/2023
In Committee
03/13/2023
Crossed Over
Passed
Dead
05/29/2023

Introduced Session

88th Legislature Regular Session

Bill Summary

Proposing a constitutional amendment to increase the amount of the exemption of residence homesteads from ad valorem taxation by a school district and to adjust the amount of the limitation on school district ad valorem taxes imposed on the residence homesteads of the elderly or disabled to reflect increases in the exemption amount.

AI Summary

This Joint Resolution proposes a constitutional amendment to increase the amount of the exemption for residence homesteads from property taxes levied by school districts, meaning homeowners will pay less in school property taxes on their primary residences. Specifically, it raises the general homestead exemption from $40,000 to $65,000. Additionally, it adjusts the existing tax limitation for elderly or disabled homeowners, which prevents their school property taxes from increasing, to reflect these higher exemption amounts, providing further tax relief for these vulnerable groups. Ad valorem taxation refers to property taxes based on the assessed value of property. The proposed changes are set to take effect for the tax year beginning January 1, 2024, and will be submitted to voters for approval on November 7, 2023.

Committee Categories

Budget and Finance

Sponsors (1)

Last Action

Referred to Ways & Means (on 03/13/2023)
(1 Companion Bills)

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