SRC-VRA, TJG S.B. 180 78(R) BILL ANALYSIS Senate Research Center S.B. 180 78R2978 RCJ-DBy: Janek Finance 4/14/2003 As Filed DIGEST AND PURPOSE Currently, an appraisal of a residence homestead may increase up to ten percent each year. As proposed, S.B. 180 places a one percent cap on the maximum annual increase of the appraised value of a residence homestead. RULEMAKING AUTHORITY This bill does not expressly grant any additional rulemaking authority to a state officer, institution, or agency. SECTION BY SECTION ANALYSIS SECTION 1. Amends Section 23.23(a), Tax Code, to decrease from ten percent to one percent, the factor by which the maximum percent increase in the appraised value of a residence homestead for ad valorem tax purposes, may be calculated. SECTION 2. Effective date: January 1, 2004. Makes application of this Act prospective only if the constitutional amendment relating to an annual increase limitation in the appraised value of a residence homestead for ad valorem tax purposes is approved by the voters.