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Relating to the ad valorem taxation of heir property.
The bill would define "heir property" as real property owned by one or more individuals, at
least one of whom claims the property as the individual's residence homestead; and acquired
by the owner by will, transfer on death deed, or intestacy,regardless of whether the interests
of the owners are recorded in the real property records of the county in which the property
is located. To the extent that certain property owners are currently unable to establish
ownership of a property and claim a residence homestead exemption but would qualify under
the provisions in the bill, there would be a cost to the state through the school funding
formula.
SB 1943 would require the comptroller to provide information on how heir property homeowners may secure the homestead exemption by providing clarification that heir property owners are eligible for the homestead exemption. In addition, the bill would specify the documents needed for the application process.
Texas Action supports SB 1943 as it uplifts our principles of limited government, property rights and individual liberty. This bill would allow persons who are receiving heirs to receive a homestead exemption. We support this bill because it promotes a broad-based tax policy.
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