| TO: | Honorable Harvey Hilderbran, Chair, House Committee on Ways & Means |
| FROM: | John S O'Brien, Director, Legislative Budget Board |
| IN RE: | HJR108 by Madden (Proposing a constitutional amendment authorizing the legislature to provide for a limitation on the appraised value for ad valorem tax purposes of certain residence homesteads of certain veterans.), As Introduced |
The cost to the state for publication of the resolution is $105,495.
The resolution would propose an amendment to Section 1, Article VIII, of the Texas Constitution, to add new Subsection (k) to permit the Legislature by general law to limit the maximum appraised value of a residence homestead if the homestead is owned by a veteran of the U.S. armed services, and was donated to or renovated for the veteran at no charge. The limitation would be the lesser of the most recent market value of the homestead as determined by the appraisal entity or, for a homestead donated to a veteran, the sum of the appraised value of the land and $150,000. For a homestead renovated at no charge to a veteran, the limitation on appraised value would be the lesser of the most recent market value of the homestead as determined by the appraisal entity or the appraised value of the property for the tax year preceding the renovation.
Adoption of the proposed amendment alone would have no fiscal impact on the state other than the cost of publication. 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 8, 2011.
| Source Agencies: | 304 Comptroller of Public Accounts
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| LBB Staff: | JOB, KK, SD, SJS
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