Texas HB155 proposes an exemption from ad valorem taxation for elderly persons and their surviving spouses.

Texas HB155 amends the Tax Code to provide an exemption from ad valorem taxation for the residence homesteads of individuals aged 65 and older and their surviving spouses. The bill outlines conditions for the exemption, including the requirement for the individual to apply for the exemption within one year of qualifying. It also details the process for recalculating taxes if an exemption is granted after the initial tax calculation. The bill's provisions are contingent on the approval of a related constitutional amendment by voters.

Texas HB155 proposes an exemption from ad valorem taxation for elderly persons and their surviving spouses.

Texas HB155 amends the Tax Code to provide an exemption from ad valorem taxation for the residence homesteads of individuals aged 65 and older and their surviving spouses. The bill outlines conditions for the exemption, including the requirement for the individual to apply for the exemption within one year of qualifying. It also details the process for recalculating taxes if an exemption is granted after the initial tax calculation. The bill's provisions are contingent on the approval of a related constitutional amendment by voters.