TITLE: Proposing a constitutional amendment authorizing the governing body of a political subdivision to adopt an exemption from ad valorem taxation of a portion, expressed as a dollar amount, of the market value of an individual's residence homestead.

SUMMARY: Proposing a constitutional amendment authorizing the governing body of a political subdivision to adopt an exemption from ad valorem taxation of a portion, expressed as a dollar amount, of the market value of an individual's residence homestead.

FULL TEXT:
88(R) SJR 20-Introduced version-Bill Text 88R839 TJB-D By: Eckhardt S.J.R. No. 20 A JOINT RESOLUTION proposing a constitutional amendment authorizing the governing body of a political subdivision to adopt an exemption from ad valorem taxation of a portion, expressed as a dollar amount, of the market value of an individual's residence homestead. BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS: SECTION 1. Section 1-b, Article VIII, Texas Constitution, is amended by adding Subsection (e-1) to read as follows: (e-1) The governing body of a political subdivision may exempt from ad valorem taxation a portion, expressed as a dollar amount, of the market value of the residence homestead of an individual. The amount of the exemption may not be less than $5,000. The legislature by general law may prohibit the governing body of a political subdivision that adopts an exemption under this subsection from reducing the amount of or repealing the exemption. An individual is entitled to receive other applicable exemptions provided by law. Where ad valorem tax has previously been pledged for the payment of debt, a political subdivision may continue to levy and collect the tax against the value of the homesteads exempted under this subsection until the debt is discharged if the cessation of the levy would impair the obligation of the contract by which the debt was created. The legislature by general law may prescribe procedures for the administration of this subsection. SECTION 2. The following temporary provision is added to the Texas Constitution: TEMPORARY PROVISION. (a) This temporary provision applies to the constitutional amendment proposed by the 88th Legislature, Regular Session, 2023, authorizing the governing body of a political subdivision to adopt an exemption from ad valorem taxation of a portion, expressed as a dollar amount, of the market value of an individual's residence homestead. (b) Section 1-b(e-1), Article VIII, of this constitution, as added by the amendment, takes effect beginning with the tax year that begins January 1, 2024. (c) This temporary provision expires January 1, 2025. SECTION 3. 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 permit voting for or against the proposition: "The constitutional amendment authorizing the governing body of a political subdivision to adopt an exemption from ad valorem taxation of a portion, expressed as a dollar amount, of the market value of an individual's residence homestead."