By Jessica Domel
Multimedia Reporter
It’s Election Day in Texas. Polls will be open from 7 a.m. to 7 p.m. across the state to allow voters the opportunity to weigh in on the seven proposed amendments to the Texas Constitution.
Texas Farm Bureau (TFB) supports Proposition 1, which would allow the Texas Legislature to expand the circumstances that would allow a partially disabled veteran or their spouse to qualify for an exemption from ad valorem taxation on their residence homestead.
If passed by a majority of voters, the amendment would allow an exemption from ad valorem taxes for a partially disabled veteran or his/her surviving spouse if his/her residence homestead was donated by a charitable organization for less than its market value.
The current law only allows an exemption from ad valorem taxes if the homestead was donated by a charitable organization at no cost to the veteran.
If passed, Proposition 2 would require certain conditions to be met to refinance a home equity loan secured by a voluntary lien on a homestead. It would also lower the cap on fees associated with the home equity loan from three percent to two percent of the original principal amount of the extension of credit.
The measure would also redefine what is excluded in the calculation of the cap on fees and would specify what fees are in addition to any bona fide discount points used to buy down the interest rate.
It establishes certain authorized lenders to make a home equity loan, changes certain options for the refinancing of home equity loans, changes the threshold for an advance of a home equity line of credit and allows home equity loans on agricultural homesteads.
TFB supports legislation that would allow the continuation of agricultural valuation on land, part of which is used as collateral to refinance a home or secure a home equity loan.
If passed, Proposition 3 would require officer holders appointed by the governor and approved by the Senate to leave their position at the end of the legislative session during which their term expires.
Currently, office holders who fit this description can stay in their position indefinitely without ever being re-appointed and approved by the Senate.
TFB has no position on the proposition.
Proposition 4, if passed, would authorize the Texas Legislature to require a court to provide notice to the attorney general of a challenge to the constitutionality of a state statute.
It would also authorize the Legislature to prescribe a waiting period before the court can enter a judgement holding the statute unconstitutional.
TFB has no position on the proposition.
If passed by the majority of voters, Proposition 5 would clarify what a professional sports team is for purposes of charitable foundations who may be permitted by the Legislature to host a charitable raffle.
TFB has no position on the proposition.
Proposition 6 would authorize the Legislature to exempt ad valorem tax for all or part of the market value of a residence homestead for the surviving spouse of a first responder who is killed or fatally injured in the line of duty.
TFB has no position on the proposition.
Proposition 7 would create an exemption to a general rule prohibiting lotteries, raffles and other programs where the award of gifts is based on luck or chance.
If passed, the measure gives legislative authority to permit credit unions and other financial institutions to award prizes to promote savings.
TFB has no position on the proposition.
To find your polling place, verify voter registration or see a sample ballot, visit http://www.votetexas.gov/.