83R3463 SMH-D
 
  By: Raymond H.J.R. No. 126
 
 
 
A JOINT RESOLUTION
  proposing a constitutional amendment to authorize the legislature
  to limit the maximum appraised value for ad valorem tax purposes of
  real property owned or leased by a small business and used for
  business purposes to 110 percent or more of the appraised value of
  the property for the preceding tax year.
         BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Section 1, Article VIII, Texas Constitution, is
  amended by adding Subsection (k) to read as follows:
         (k)  This section applies only to real property that is owned
  or leased by a business entity that had less than $1 million in
  gross receipts in its most recent fiscal year and is used for
  business purposes by the business entity. Notwithstanding
  Subsections (a) and (b) of this section, the Legislature by general
  law may limit the maximum appraised value of such property for ad
  valorem tax purposes in a tax year to the lesser of the most recent
  market value of the property as determined by the appraisal entity
  or 110 percent, or a greater percentage, of the appraised value of
  the property for the preceding tax year. A limitation on appraised
  values authorized by this subsection:
               (1)  takes effect as to real property described by this
  subsection on the later of the effective date of the law imposing
  the limitation or January 1 of the tax year following the first tax
  year in which the owner or lessee of the property owns or leases the
  property on January 1, meets the limitation on annual gross
  receipts prescribed by this subsection, and uses the property for
  business purposes; and
               (2)  expires on January 1 of the tax year following the
  first tax year in which the owner or lessee of the property ceases
  to own or lease the property, meet the limitation on annual gross
  receipts prescribed by this subsection, or use the property for
  business purposes.
         SECTION 2.  This proposed constitutional amendment shall be
  submitted to the voters at an election to be held November 5, 2013.
  The ballot shall be printed to permit voting for or against the
  proposition: "The constitutional amendment to authorize the
  legislature to limit the maximum appraised value for ad valorem tax
  purposes of real property owned or leased by a small business and
  used for business purposes to 110 percent or more of the appraised
  value of the property for the preceding tax year."