TO: | Honorable Steve Ogden, Chair, Senate Committee on Finance |
FROM: | John S. O'Brien, Director, Legislative Budget Board |
IN RE: | SJR17 by Hegar (Proposing a constitutional amendment providing that a limit on the maximum percentage increase in the appraised value of a residence homestead for ad valorem tax purposes established by the legislature applies regardless of the number of years since the most recent tax appraisal.), As Introduced |
The cost to the state for publication of the resolution is $77,468.
The resolution would propose an amendment to Article VIII of the Texas Constitution to authorize the Legislature to limit the increase in the appraised value of homesteads to 10 percent, or a greater percentage, regardless of the number of years since the last reappraisal of the property. (Current law limits homesteads to a 10 percent, or a greater percentage, annual increase multiplied by the number of years since the last reappraisal of the property.)
Adoption of the proposed amendment alone would have no fiscal impact on the state. Any loss of revenue would be attributable to the corresponding enabling legislation.
The proposed amendment would be submitted to voters at an election to be held November 6, 2007.
Source Agencies: | 304 Comptroller of Public Accounts
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LBB Staff: | JOB, CT, SD, SJS
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