TITLE: Proposing a constitutional amendment to authorize the legislature to provide for a limitation on the maximum appraised value for ad valorem tax purposes of residential real property leased to an elderly person.

SUMMARY: Proposing a constitutional amendment to authorize the legislature to provide for a limitation on the maximum appraised value for ad valorem tax purposes of residential real property leased to an elderly person.

FULL TEXT:
89(R) HJR 147-Introduced version-Bill Text 89R14558 LHC-D By: Bhojani H.J.R. No. 147 A JOINT RESOLUTION proposing a constitutional amendment to authorize the legislature to provide for a limitation on the maximum appraised value for ad valorem tax purposes of residential real property leased to an elderly person. BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS: SECTION 1. Section 1, Article VIII, Texas Constitution, is amended by adding Subsection (k) to read as follows: (k) This subsection applies only to real property that is a single-family residential property leased to a lessee who is 65 years of age or older and used by the lessee as a primary residence and that is leased to the lessee for a rent that does not exceed the fair market rent. Notwithstanding Subsections (a) and (b) of this section, the Legislature by general law may limit the maximum appraised value of such property for ad valorem tax purposes in a tax year to the lesser of the most recent market value of the property as determined by the appraisal entity or 110 percent, or a greater percentage, of the appraised value of the property for the preceding tax year. The general law enacted under this subsection may prescribe additional eligibility requirements for the limitation on appraised values authorized by this subsection. A limitation on appraised values authorized by this subsection: (1) takes effect as to real property described by this subsection on the later of the effective date of the law imposing the limitation or January 1 of the tax year following the first tax year in which the owner of the property leases the property to a lessee and for an amount described by this subsection; and (2) expires on January 1 of the tax year following the first tax year in which the owner of the property ceases to lease the property to a lessee or for an amount described by this subsection. SECTION 2. This proposed constitutional amendment shall be submitted to the voters at an election to be held November 4, 2025. The ballot shall be printed to permit voting for or against the proposition: "The constitutional amendment to authorize the legislature to limit the maximum appraised value for ad valorem tax purposes of residential real property leased to an elderly person to 110 percent or more of the appraised value of the property for the preceding tax year."