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A JOINT RESOLUTION
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proposing a constitutional amendment authorizing the legislature |
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to limit the maximum average annual increase in the appraised value |
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of real property for ad valorem tax purposes to 10 percent or more. |
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BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 1(i), Article VIII, Texas Constitution, |
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is amended to read as follows: |
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(i) Notwithstanding Subsections (a) and (b) of this |
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section, the Legislature by general law may limit the maximum |
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average annual percentage increase in the appraised value of real |
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property [residence homesteads] for ad valorem tax purposes to 10 |
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percent, or a greater percentage, for each year since the most |
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recent tax appraisal. A limitation on appraisal increases |
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authorized by this subsection: |
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(1) takes effect in the tax year following the first |
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tax year in which the owner owns the property on January 1, or, if |
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the property qualifies for an exemption as the [to a] residence |
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homestead of the owner under Section 1-b of this article in the tax |
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year in which the owner acquires the property, in [on the later of
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the effective date of the law imposing the limitation or January 1
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of] the tax year following the [first] tax year in which the owner |
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acquires [qualifies] the property [for an exemption under Section
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1-b of this article]; and |
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(2) expires on January 1 of the [first] tax year |
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following the tax year in which [that neither] the owner of the |
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property when the limitation took effect ceases to own the |
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property, except that the Legislature by general law may provide |
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for the limitation applicable to a residence homestead to continue |
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during ownership of the property by [nor] the owner's spouse or |
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surviving spouse [qualifies for an exemption under Section 1-b of
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this article]. |
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SECTION 2. This proposed constitutional amendment shall be |
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submitted to the voters at an election to be held November 6, 2007. |
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The ballot shall be printed to permit voting for or against the |
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proposition: "The constitutional amendment authorizing the |
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legislature to limit the maximum average annual increase in the |
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appraised value of real property for ad valorem tax purposes to 10 |
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percent or more." |