By Cain S.J.R. No. 42 75R2099 SMH-D A JOINT RESOLUTION 1-1 proposing a constitutional amendment relating to the appraisal of 1-2 residence homesteads for ad valorem tax purposes. 1-3 BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS: 1-4 SECTION 1. Section 1, Article VIII, Texas Constitution, is 1-5 amended by adding Subsection (i) to read as follows: 1-6 (i) Notwithstanding Subsections (a) and (b) of this section, 1-7 the Legislature by general law may limit the maximum annual 1-8 increase in the appraised value of residence homesteads for ad 1-9 valorem tax purposes in order to provide tax relief from the 1-10 effects of rapid increases in the market value of residence 1-11 homesteads. A limitation on appraisal increases authorized by this 1-12 subsection: 1-13 (1) takes effect as to a residence homestead on the 1-14 later of the effective date of the law imposing the limitation or 1-15 January 1 of the tax year following the first tax year the owner 1-16 qualifies the property for an exemption under Section 1-b of this 1-17 article; and 1-18 (2) expires on January 1 of the first tax year that 1-19 neither the owner of the property when the limitation took effect, 1-20 the owner's spouse or surviving spouse, nor a minor child of the 1-21 owner qualifies for an exemption under Section 1-b. 1-22 SECTION 2. This proposed constitutional amendment shall be 1-23 submitted to the voters at an election to be held November 4, 1997. 1-24 The ballot shall be printed to permit voting for or against the 2-1 proposition: "The constitutional amendment to authorize the 2-2 legislature to limit the appraised value of residence homesteads 2-3 for ad valorem tax purposes."