TO: | Honorable Steve Ogden, Chair, Senate Committee on Finance |
FROM: | John S. O'Brien, Director, Legislative Budget Board |
IN RE: | SJR51 by Wentworth (Proposing a constitutional amendment authorizing the legislature to provide for the ad valorem taxation of land used for recreational purposes on the basis of a percentage of the market value of the land.), 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 provide for the property taxation of land used for recreational purposes based on a percentage of the market value of the land, with the purpose of promoting the preservation of land for recreational purposes.
The percentage adopted by the Legislature could not be less than 20 percent. The proposed amendment would authorize the Legislature to provide eligibility limitations and impose sanctions in furtherance of the proposed tax policy.
Adoption of the proposed constitutional amendment alone would not result in revenue losses to local units of government. Any fiscal impact would depend on 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
|
LBB Staff: | JOB, CT, SD, SJS
|