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A JOINT RESOLUTION
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proposing a constitutional amendment to authorize the legislature |
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to limit the maximum appraised value of commercial or industrial |
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real property for ad valorem tax purposes to 110 percent or more of |
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the appraised value of the property for the preceding tax year. |
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BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 1, Article VIII, Texas Constitution, is |
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amended by adding Subsection (k) to read as follows: |
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(k) 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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appraised value of commercial or industrial real property for ad |
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valorem tax purposes in a tax year to the lesser of the most recent |
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market value of the property as determined by the appraisal entity |
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or 110 percent, or a greater percentage, of the appraised value of |
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the property for the preceding tax year. A limitation on appraised |
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values authorized by this subsection: |
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(1) takes effect as to a parcel of commercial or |
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industrial real property on the later of the effective date of the |
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law imposing the limitation or January 1 of the tax year following |
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the first tax year in which the owner owns the property on January 1 |
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and in which the owner uses the property primarily for commercial or |
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industrial purposes; and |
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(2) expires on January 1 of the tax year following the |
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first tax year in which the owner of the property ceases to own the |
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property or ceases to use the property primarily for commercial or |
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industrial purposes. |
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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 8, 2011. |
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The ballot shall be printed to permit voting for or against the |
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proposition: "The constitutional amendment to authorize the |
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legislature to limit the maximum appraised value of commercial or |
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industrial real property for ad valorem tax purposes to 110 percent |
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or more of the appraised value of the property for the preceding tax |
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year." |