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Texas Tax Code Chapter 313 (aka the Texas Economic Development Act) creates a state tax incentive program for certain large businesses to limit the appraised value of their property for the purposes of local Texas public school district property taxes.
Senate Bill 2 tackles property tax issues, and House Bill 3 directly deals with school finance reform. House Bill 3 raised the amount per student each district is allotted from $5,140 to $6,030, and also reduces school property tax rates by about four percent per $100 in property value. [2] House Bill 1 is the overall budget for Texas.
Texas, Florida, Iowa, South Dakota, Kansas, and Oklahoma have some of the broadest homestead protections in the United States in terms of the value of property that can be protected. Texas's homestead exemption has no dollar value limit and has a 10 acres (4.0 hectares) exemption limit for homesteads inside of a municipality (urban homestead ...
Texas also exempts certain investments and insurance policies. Other states, such as Arizona, are more strict and may exempt only $150 in a checking account comparatively speaking. Even further, other states have more moderate policies, with California's homestead exemption law providing between $300,000 to $600,000 of exempt equity in a ...
The Robin Hood Plan is a colloquialism given to a provision of Texas Senate Bill 7 (73rd Texas Legislature) (the provision is officially referred to as "recapture"), originally enacted by the U.S. state of Texas in 1993 (and revised frequently since then) to provide equity of school financing within all school districts in the state of Texas.
Section 1031 exchange—If a business sells property but uses the proceeds to buy similar property, it may be treated as a "like kind" exchange. Tax is not due based on the sale; instead, the cost basis of the original property is applied to the new property. [59] [60]
California Code of Regulations, Title 25, Section 42, requires property owners of apartment buildings with 16 or more units to have on-site resident managers living on their properties. There is no such requirement for apartment buildings with less than 16 units. [38]
Internal Revenue Code section 6321 provides: . Sec. 6321. LIEN FOR TAXES. If any person liable to pay any tax neglects or refuses to pay the same after demand, the amount (including any interest, additional amount, addition to tax, or assessable penalty, together with any costs that may accrue in addition thereto) shall be a lien in favor of the United States upon all property and rights to ...