Texas SB634 allows taxing units to exempt a portion of a residence homestead's appraised value from ad valorem taxation.

Texas SB634 amends the Tax Code to allow the governing body of a taxing unit to adopt an exemption from ad valorem taxation of a portion, expressed as a dollar amount, of the appraised value of an individual's residence homestead. The exemption must be adopted before July 1 of the tax year in which it applies. The bill also modifies the definition of "taxable value" under the Government Code to exclude certain exemptions from ad valorem taxation. The changes apply to ad valorem taxes imposed for tax years beginning on or after the effective date of the Act.

Texas SB634 allows taxing units to exempt a portion of a residence homestead's appraised value from ad valorem taxation.

Texas SB634 amends the Tax Code to allow the governing body of a taxing unit to adopt an exemption from ad valorem taxation of a portion, expressed as a dollar amount, of the appraised value of an individual's residence homestead. The exemption must be adopted before July 1 of the tax year in which it applies. The bill also modifies the definition of "taxable value" under the Government Code to exclude certain exemptions from ad valorem taxation. The changes apply to ad valorem taxes imposed for tax years beginning on or after the effective date of the Act.