TITLE: Proposing a constitutional amendment to authorize the legislature to establish a limit on the maximum appraised value of real property other than a residence homestead for ad valorem tax purposes.

SUMMARY: Proposing a constitutional amendment to authorize the legislature to establish a limit on the maximum appraised value of real property other than a residence homestead for ad valorem tax purposes.

FULL TEXT:
88(R) SJR 53-Introduced version-Bill Text 88R9140 RDS-D By: Hughes S.J.R. No. 53 A JOINT RESOLUTION proposing a constitutional amendment to authorize the legislature to establish a limit on the maximum appraised value of real property other than a residence homestead for ad valorem tax purposes. BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS: SECTION 1. Section 1, Article VIII, Texas Constitution, is amended by adding Subsection (p) to read as follows: (p) This subsection does not apply to a residence homestead to which Subsection (i) of this section applies. Notwithstanding Subsections (a) and (b) of this section, the Legislature by general law may limit the maximum appraised value of real 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 115 percent, or a greater percentage, of the appraised value of the property for the preceding tax year. A limitation on appraised values authorized by this subsection: (1) takes effect as to a parcel of 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 owns the property on January 1; and (2) expires on January 1 of the tax year following the tax year in which the owner of the property ceases to own the property. SECTION 2. This proposed constitutional amendment shall be submitted to the voters at an election to be held November 7, 2023. The ballot shall be printed to provide for voting for or against the proposition: "The constitutional amendment to authorize the legislature to establish a limit on the maximum appraised value of real property other than a residence homestead for ad valorem tax purposes of 115 percent or more of the appraised value of the property for the preceding tax year."