88R3242 RDS-D

By: Collier H.J.R. No. 52

A JOINT RESOLUTION

proposing a constitutional amendment authorizing the legislature to provide that the officials responsible for appraising property for ad valorem taxation in a county may exclude from consideration the value of new or substantially remodeled residential property when determining the market value of an older residence homestead located in or near a tax increment financing reinvestment zone.

BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:

SECTION 1. Section 1, Article VIII, Texas Constitution, is amended by adding Subsection (o) to read as follows:

(o) The legislature by general law may provide that, in determining the market value for ad valorem taxation of a residence homestead that is more than 30 years old and is located in a tax increment financing reinvestment zone created by a municipality under a law authorized by Section 1-g of this article or in the area adjacent to the zone, the officials responsible for appraising property for taxation in the county may exclude from consideration the value of new or substantially remodeled residential properties that are located in the same neighborhood as the residence homestead being appraised and that would otherwise be considered in appraising the residence homestead. The general law may provide additional eligibility requirements for appraisal under this subsection.

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 permit voting for or against the proposition: "The constitutional amendment authorizing the legislature to provide that the officials responsible for appraising property for ad valorem taxation in a county may exclude from consideration the value of new or substantially remodeled residential property when determining the market value of an older residence homestead located in or near a tax increment financing reinvestment zone."