79R5674 JD-D

By:  Leibowitz                                                  H.J.R. No. 70 



A JOINT RESOLUTION

proposing a constitutional amendment to authorize the legislature 
to limit the appraised value for ad valorem tax purposes of certain 
residence homesteads.

BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:
	SECTION 1.  Section 1, Article VIII, Texas Constitution, is 
amended by adding Subsection (j) to read as follows:
	(j)  This subsection applies only to a residence homestead 
that qualifies for an exemption under Section 1-b of this article 
and that is unsold after having been listed for sale and actively 
and continuously marketed for at least 12 months at an asking price 
equal to or less than the appraised value of the property for ad 
valorem tax purposes.  Notwithstanding Subsections (a), (b), and 
(i) of this section, the Legislature by general law may require an 
appraisal office to reduce the appraised value for ad valorem tax 
purposes of an eligible residence homestead to the appraised value 
of the homestead for ad valorem tax purposes on January 1 of the 
fourth tax year preceding the year the homestead was first listed 
for sale and to maintain the reduced value as the appraised value of 
the property for ad valorem tax purposes until the fifth tax year 
after the year in which the reduction was made.  A limitation 
authorized by this subsection expires on January 1 of the first tax 
year in which the owner of the residence homestead ceases to own the 
property or ceases to qualify the property for an exemption under 
Section 1-b of this article.  The Legislature may prescribe 
procedures for the administration of this subsection.
	SECTION 2.  This proposed constitutional amendment shall be 
submitted to the voters at an election to be held November 8, 2005.  
The ballot shall be printed to permit voting for or against the 
proposition:  "Proposing a constitutional amendment to authorize 
the legislature to limit the appraised value for ad valorem tax 
purposes of a residence homestead that is offered for sale for a 
price at or below the appraised value and is not sold within a year 
of being offered for sale at that price."