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HB 362

CRIMINAL LAW-TECH

104th Regular Session Introduced by Chris Welch

House Bill 362 offers Bryan County homeowners a homestead exemption from school district taxes, easing financial burdens amid rising property values.

Rule 19(a) / Re-referred to Rules Committee
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Bill Summary · HB 362

Summary of House Bill 362

Bill Number: HB 362
Title: Bryan County; ad valorem tax; educational purposes; provide homestead exemption
Status: House Second Readers
Introduced: February 10, 2025

Purpose and Intent

House Bill 362 aims to establish a homestead exemption from ad valorem taxes levied by the Bryan County school district for educational purposes. The exemption is designed to alleviate the tax burden on homeowners by allowing them to exempt a portion of their property's assessed value from taxation, specifically the amount that exceeds a previously established base year value.

Key Provisions

  • Homestead Exemption Definition: The bill defines "homestead" as a primary residence that includes up to five contiguous acres of property.

  • Exemption Calculation: The exemption amount is determined by the difference between the current year assessed value of the homestead and its adjusted base year assessed value. The adjusted base year value accounts for inflation and any substantial property changes.

  • Eligibility Requirements:

    • Homeowners must apply for the exemption through the Bryan County tax commissioner.
    • Individuals who received a homestead exemption for the 2025 tax year will automatically qualify for the exemption in 2026 without needing to reapply.

  • Exemption Limitations:

    • The exemption does not apply to state, county, or municipal ad valorem taxes.
    • It cannot be combined with other base year value homestead exemptions provided by law; only the most beneficial exemption will apply.

  • Automatic Renewal: The exemption will automatically renew each year as long as the homeowner continues to occupy the property as their primary residence.

  • Inflation Adjustment: The Bryan County tax commissioner will establish a method for determining the annual inflation rate, which will be used to adjust the base year assessed value.

Impact

This bill is expected to benefit homeowners within the Bryan County school district by reducing their tax liabilities for educational purposes. It aims to provide financial relief to residents, particularly in light of rising property values and associated tax increases.

Procedural Aspects

  • Effective Date: The exemption will apply to all taxable years beginning on or after January 1, 2026.
  • Referendum Requirement: The bill includes provisions for a referendum to ensure compliance with constitutional requirements.
  • Legislative Timeline:
    • Introduced on February 10, 2025.
    • Passed through House First Readers on February 11, 2025.
    • Currently under consideration by House Second Readers as of February 12, 2025.

Conclusion

House Bill 362 represents a significant step towards providing tax relief for homeowners in Bryan County by establishing a homestead exemption from school district ad valorem taxes. The bill's provisions aim to ensure that residents can maintain their homes without facing excessive tax burdens due to rising property values.

Compiled from official sources — confirm details with the bill’s official record.

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