Bill Text: TX HB2886 | 2013-2014 | 83rd Legislature | Introduced
Bill Title: Relating to an exemption from ad valorem taxation of the residence homesteads of certain life tenants.
Sponsorship: Partisan Bill (Democrat 1)
Status: (Introduced - Dead) 2013-03-19 - Referred to Ways & Means [HB2886 Detail]
Download: Texas-2013-HB2886-Introduced.html
| By: Moody | H.B. No. 2886 | |
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| relating to an exemption from ad valorem taxation of the residence | ||
| homesteads of certain life tenants. | ||
| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
| SECTION 1. Section 11.13(j), Tax Code, is amended to read as | ||
| follows: | ||
| (j) For purposes of this section: | ||
| (1) "Residence homestead" means a structure | ||
| (including a mobile home) or a separately secured and occupied | ||
| portion of a structure (together with the land, not to exceed 20 | ||
| acres, and improvements used in the residential occupancy of the | ||
| structure, if the structure and the land and improvements have | ||
| identical ownership) that: | ||
| (A) is owned by one or more individuals, either | ||
| directly or through a beneficial interest in a qualifying trust; | ||
| (B) is designed or adapted for human residence; | ||
| (C) is used as a residence; and | ||
| (D) is occupied as his principal residence by an | ||
| owner, a surviving spouse who is a life tenant, or, for property | ||
| owned through a beneficial interest in a qualifying trust, by a | ||
| trustor of the trust who qualifies for the exemption. | ||
| (2) "Trustor" means a person who transfers an interest | ||
| in residential property to a qualifying trust, whether by deed or by | ||
| will, or the person's spouse. | ||
| (3) "Qualifying trust" means a trust: | ||
| (A) in which the agreement, will, or court order | ||
| creating the trust provides that the trustor of the trust or the | ||
| beneficiary of the trust if created by court order has the right to | ||
| use and occupy as the trustor's or beneficiary's principal | ||
| residence residential property rent free and without charge except | ||
| for taxes and other costs and expenses specified in the instrument | ||
| or court order: | ||
| (i) for life; | ||
| (ii) for the lesser of life or a term of | ||
| years; or | ||
| (iii) until the date the trust is revoked or | ||
| terminated by an instrument or court order that describes the | ||
| property with sufficient certainty to identify it and is recorded | ||
| in the real property records of the county in which the property is | ||
| located; and | ||
| (B) that acquires the property in an instrument | ||
| of title or under a court order that: | ||
| (i) describes the property with sufficient | ||
| certainty to identify it and the interest acquired; | ||
| (ii) is recorded in the real property | ||
| records of the county in which the property is located; and | ||
| (iii) in the case of a trust that is not | ||
| created by court order, is executed by the trustor or the personal | ||
| representative of the trustor. | ||
| (4) "Surviving spouse" has the meaning assigned by | ||
| Section 11.131. | ||
| SECTION 2. This Act applies only to ad valorem taxes imposed | ||
| for a tax year beginning on or after the effective date of this Act. | ||
| SECTION 3. This Act takes effect January 1, 2014. | ||
