Floor Packet Page No. 21
      Amend CSHJR 4 as follows:
      (1)  On page 5, line 17, strike "Subsection (c-1)" and
substitute "Subsections (c-1), (i), (j), (k), and (l)".
      (2)  On page 6, between lines 8 and 9, insert the following:
      (i)  The appraised value of real property, other than real
property appraised as provided by Section 1-d or 1-d-1 of this
article, for ad valorem tax purposes for the first tax year after
the tax year in which the owner acquires the property may not
exceed the market value of the property.  Notwithstanding
Subsections (a) and (b) of this section, the appraised value of the
property in each subsequent tax year until the end of the tax year
in which the ownership of the property changes may not exceed the
sum of:
            (1)  the appraised value of the property for tax
purposes for the preceding year as adjusted by the appraisal office
for the current tax year to reflect the change from the preceding
tax year in the purchasing power of the dollar for consumers in
this state; and
            (2)  the market value of all new improvements to the
property.
      (j)  In Subsection (i) of this section, "new improvement"
means an improvement to real property that is made after the
appraisal of the property for the preceding tax year and that
increases the market value of the property.  The term does not
include ordinary maintenance of an existing structure or the
grounds or another feature of the property.
      (k)  For each tax year, using the index that the Comptroller
of Public Accounts considers to most accurately report changes in
the purchasing power of the dollar for consumers in this state, the
comptroller shall determine and publicize the percentage by which
the appraised value of real property may be increased under
Subsection (i)(1) of this section.  Each appraisal office shall use
the percentage determined by the comptroller under this subsection
to determine the maximum increase in the appraised value of real
property appraised by that appraisal office.
      (l)  For purposes of Subsection (i) of this section, the
owner of real property on January 1, 1997, is considered to have
acquired the property in the 1996 tax year.
      (3)  On page 12, between "proprietorships," and "providing",
insert "limiting increases in the appraised value of real property
for ad valorem tax purposes,".