HJR56 - Proposing a constitutional amendment to authorize the legislature to set lower limits on the maximum appraised value of residence homesteads and of real property other than a residence homestead for ad valorem tax purposes and to make permanent the limit on the maximum appraised value of real property other than a residence homestead.

  89R458 DRS-D     By: Tepper H.J.R. No. 56       A JOINT RESOLUTION   proposing a constitutional amendment to authorize the legislature   to set lower limits on the maximum appraised value of residence   homesteads and of real property other than a residence homestead   for ad valorem tax purposes and to make permanent the limit on the   maximum appraised value of real property other than a residence   homestead.          BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:          SECTION 1.  Sections 1(i) and (n), Article VIII, Texas   Constitution, are amended to read as follows:          (i)  Notwithstanding Subsections (a) and (b) of this   section, the Legislature by general law may limit the maximum   appraised value of a residence homestead for ad valorem tax   purposes in a tax year to the lesser of the most recent market value   of the residence homestead as determined by the appraisal entity or   102.5 [ 110 ] percent, or a greater percentage, of the appraised   value of the residence homestead for the preceding tax year. A   limitation on appraised values authorized by this subsection:                (1)  takes effect as to a residence homestead 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 the owner   qualifies the property for an exemption under Section 1-b of this   article; and                (2)  expires on January 1 of the first tax year that   neither the owner of the property when the limitation took effect   nor the owner's spouse or surviving spouse qualifies for an   exemption under Section 1-b of this article.          (n)  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 108 [ 120 ] 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 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.  Section 1(n-1), Article VIII, Texas   Constitution, is repealed.          SECTION 3.  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 set lower limits on the maximum appraised value of   residence homesteads and of real property other than a residence   homestead for ad valorem tax purposes and to make permanent the   limit on the maximum appraised value of real property other than a   residence homestead."