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Relating to the prepayment of ad valorem taxes.
No fiscal implication to the State is anticipated.
SB 1007 would require, rather than authorize, a taxing unit, at the request of a property owner, to enter a contract under which the property owner deposits money in an escrow account for property taxes collected on any property the person owns. It would also allow, rather than require, the property owner to make deposits, rather than monthly deposits, to the escrow account at any time until the earlier of the following occurs: (1) the estimated amount of taxes as provided accrues in the account; or (2) the tax bill for the property is prepared.
Texas Action supports SB 1007 because it promotes individual liberty and property rights by providing additional flexibility for prepayment of property taxes. For certain property owners, the option of prepayment should be available throughout the year.