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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 for ad valorem tax purposes of |
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real property owned or leased by a small business and used for |
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business purposes to 110 percent or more of the appraised value of |
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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) This section applies only to real property that is owned |
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or leased by a business entity that had less than $1 million in |
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gross receipts in its most recent fiscal year and is used for |
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business purposes by the business entity. Notwithstanding |
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Subsections (a) and (b) of this section, the Legislature by general |
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law may limit the maximum appraised value of such 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 real property described by this |
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subsection on the later of the effective date of the law imposing |
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the limitation or January 1 of the tax year following the first tax |
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year in which the owner or lessee of the property owns or leases the |
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property on January 1, meets the limitation on annual gross |
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receipts prescribed by this subsection, and uses the property for |
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business 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 or lessee of the property ceases |
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to own or lease the property, meet the limitation on annual gross |
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receipts prescribed by this subsection, or use the property for |
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business 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 5, 2013. |
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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 for ad valorem tax |
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purposes of real property owned or leased by a small business and |
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used for business purposes to 110 percent or more of the appraised |
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value of the property for the preceding tax year." |