Texas Caps Certain Late Property Tax Exemption Application Penalties

The Texas Governor signed a law concerning ad valorem taxation. The law includes: 1) capping late penalties for interstate allocation and freeport exemption applications at 10 percent of the tax imposed with the exemption; and 2) automatically extending the filing deadline to May 15 when a personal property tax return extension is granted. The law takes effect on Sept. 1. [S.B. 1352, enacted 06/20/25]

This story was produced by Bloomberg Tax Automation, and edited by Bloomberg Tax staff.