| 88R509 RDS-D | ||
| By: Creighton | S.J.R. No. 47 | |
|
|
||
| proposing a constitutional amendment to authorize the legislature | ||
| to set a lower limit on the maximum appraised value of a residence | ||
| homestead for ad valorem taxation. | ||
| BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
| SECTION 1. Section 1(i), Article VIII, Texas Constitution, | ||
| is 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 | ||
| 105 [ |
||
| 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. | ||
| 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 to authorize the | ||
| legislature to set a lower limit on the maximum appraised value of a | ||
| residence homestead for ad valorem taxation." | ||