Texas HB5451 amends the Tax Increment Financing Act to establish a reinvestment zone stability program for legacy homeowners.

Texas HB5451 amends the Tax Increment Financing Act to establish a reinvestment zone stability program. This program aims to prevent homeowner displacement by providing conditional annual payments on behalf of legacy homeowners to offset the increase in ad valorem taxes imposed on their residence homesteads. A legacy homeowner is defined as someone who has continuously resided in and received an exemption for their homestead for at least seven years before the zone's designation and meets certain conditions.

Texas HB5451 amends the Tax Increment Financing Act to establish a reinvestment zone stability program for legacy homeowners.

Texas HB5451 amends the Tax Increment Financing Act to establish a reinvestment zone stability program. This program aims to prevent homeowner displacement by providing conditional annual payments on behalf of legacy homeowners to offset the increase in ad valorem taxes imposed on their residence homesteads. A legacy homeowner is defined as someone who has continuously resided in and received an exemption for their homestead for at least seven years before the zone's designation and meets certain conditions.