|
|
|
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." |