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A JOINT RESOLUTION
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proposing a constitutional amendment to authorize the legislature |
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to limit the maximum appraised value of certain commercial real |
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property for ad valorem tax purposes. |
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BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 1, Article VIII, Texas Constitution, is |
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amended by adding Subsection (l) to read as follows: |
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(l) Notwithstanding Subsections (a) and (b) of this |
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section, the Legislature by general law may limit the maximum |
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appraised value of a parcel of commercial real property with a |
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market value that is not greater than an amount prescribed by the |
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Legislature for ad valorem tax purposes in a tax year to the lesser |
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of the most recent market value of the property as determined by the |
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appraisal entity or 110 percent, or a greater percentage, of the |
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appraised value of the property for the preceding tax year. A law |
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enacted under this subsection must define "commercial real |
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property" for purposes of this subsection and may prescribe |
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additional eligibility requirements for the limitation on |
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appraised value authorized by this subsection. A law enacted under |
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this subsection must prescribe the maximum market value that a |
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parcel of commercial real property may have in the tax year in which |
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the limitation on appraised value authorized by this subsection |
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takes effect as to the property in order for the property to be |
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eligible for the limitation. A limitation on appraised value |
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authorized by this subsection: |
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(1) takes effect as to a parcel of commercial real |
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property on the later of the effective date of the law imposing the |
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limitation or January 1 of the tax year following the first tax year |
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in which the owner owns the property on January 1 and in which the |
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property meets the definition of commercial real property; and |
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(2) expires on January 1 of the tax year following the |
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first tax year in which the owner of the property ceases to own the |
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property or the property no longer meets the definition of |
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commercial real property. |
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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 4, 2025. |
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The ballot shall be printed to permit voting for or against the |
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proposition: "The constitutional amendment to authorize the |
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legislature to limit for ad valorem tax purposes the maximum |
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appraised value of commercial real property with a market value |
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that is not greater than an amount prescribed by the legislature to |
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110 percent or more of the appraised value of the property for the |
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preceding tax year." |