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A JOINT RESOLUTION
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proposing a constitutional amendment authorizing the legislature |
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to provide that the appraised value of a residence homestead for ad |
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valorem tax purposes is the market value of the property for the |
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first year that the owner qualified the property for a homestead |
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exemption or, if the owner purchased the property, the purchase |
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price of the property. |
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BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 1(i), Article VIII, Texas Constitution, |
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is amended to read as follows: |
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(i) Notwithstanding Subsections (a) and (b) of this |
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section, the Legislature by general law may provide that [limit] |
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the [maximum] appraised value of a residence homestead for ad |
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valorem tax purposes in a tax year is equal to the [lesser of the |
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most recent] market value of the residence homestead as determined |
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by the appraisal entity for the first tax year that the owner |
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qualified the property for an exemption under Section 1-b of this |
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article or, if the owner acquired the property as a bona fide |
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purchaser for value, the purchase price of the property paid by the |
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owner [or 110 percent, or a greater percentage, of the appraised |
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value of the residence homestead for the preceding tax year]. A |
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limitation on appraised values authorized by this subsection: |
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(1) takes effect as to a residence homestead on [the |
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later of the effective date of the law imposing the limitation or] |
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January 1 of the first tax year [following the first tax year] the |
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owner qualifies the property for an exemption under Section 1-b of |
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this article; and |
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(2) expires on January 1 of the first tax year that |
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neither the owner of the property when the limitation took effect |
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nor the owner's spouse or surviving spouse qualifies for an |
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exemption under Section 1-b of this article, except that a |
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limitation established under this subsection does not expire if a |
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change in ownership of the property occurs by inheritance or under a |
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will as long as the person who acquires the property qualifies for |
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an exemption under Section 1-b of this article. |
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SECTION 2. This proposed constitutional amendment shall be |
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submitted to the voters at an election to be held November 2, 2021. |
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The ballot shall be printed to permit voting for or against the |
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proposition: "The constitutional amendment authorizing the |
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legislature to provide that the appraised value of a residence |
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homestead for ad valorem tax purposes is the market value of the |
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property for the first year that the owner qualified the property |
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for a homestead exemption or, if the owner purchased the property, |
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the purchase price of the property." |