LEGISLATIVE BUDGET BOARD Austin, Texas FISCAL NOTE 75th Regular Session May 14, 1997 TO: Honorable Paul Sadler, Chair IN RE: Senate Joint Resolution No. 43, Committee Report 2nd House, Substituted Committee on Revenue and Public Education Funding By: Cain House Austin, Texas FROM: John Keel, Director In response to your request for a Fiscal Note on SJR43 ( proposing a constitutional amendment authorizing the legislature to limit increases in value and the frequency of appraisals of residence homesteads for property tax purposes and to provide for the transfer to a different residence homestead of the school property tax freeze on residence homesteads of the elderly) this office has detemined the following: Biennial Net Impact to General Revenue Funds by SJR43-Committee Report 2nd House, Substituted FN Revision 1 The proposed amendment would, by itself, have no fiscal impact on the state or local governments. other than the cost of publication. The cost to the state for publication of the resolution is $71,000. The resolution would propose a constitutional amendment to allow the Legislature, by general law, to limit the increase in the annual appraised value of residential homesteads and provide for the transfer of the over-65 tax freeze limit. The proposed constitutional amendment would be submitted to voters at an election to be held November 4, 1997. Source: Agencies: LBB Staff: JK ,RR ,BR