Form 8823 Arlington Texas 2023-2025

Form 8823 Arlington Texas: What You Should Know

Housing Tax Credit — Texas Legislature This measure would amend Chapter 36 of the Texas Government Code to establish the Residential Landlord Property Tax Exemption Program, provide for low-income housing tax credit financing, and permit rental property owners to qualify for a refund of their tax and other charges. It would provide a refund on property taxes due within six years from the date the property is rented, provided certain criteria are met. The refund period would be three, five, or seven years depending upon the cost of property. Property taxes paid as interest on unearned rental income are included in the refund provision. The purpose of the Residential Landlord Property Tax Exemption Program is to encourage landlords to purchase, renovate, or rent to qualifying tenants at the lowest price and to reduce tax burdens borne by renters who choose to maintain principal residence in their homes. The program would include tax credits in the amount of 35% of the eligible rental property sales price, up to 300,000. The credit is available up to 100% of the sales price and 30% of the qualified principal dwelling expenses, as determined by a county clerk in each county where sales of residential real estate qualified for the program. The tax credit is available regardless of the property's age. The tax credit is limited to one-fourth (1/4) of a year's total tax liability and is nontaxable. The bill establishes a single-person family housing tax credit program, which provides for the reduction of property taxes for all residential mortgage transactions, as well as property tax credits to assist low- and moderate-income persons purchasing a home. The bill also establishes a property tax credit program, which provides to offset the tax liability of owners, operators or managers of non-retail rental property by 50% of the amount for which these owners would otherwise be liable to the county. In addition, the bill provides to eligible homeowners in counties with populations between 2,000 and 10,000 for a one-time 500 tax credit against property tax to purchase or renovate property, including any existing or new home. It provides for an additional deduction for those eligible as well as all homeowners regardless of the number of individuals who occupy or otherwise occupy the property.

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