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A JOINT RESOLUTION
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proposing a constitutional amendment providing for the valuation of |
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property for ad valorem tax purposes on the basis of its market |
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value. |
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BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 1(b), Article VIII, Texas Constitution, |
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is amended to read as follows: |
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(b) All real property and tangible personal property in this |
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State, unless exempt as required or permitted by this Constitution, |
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whether owned by natural persons or corporations, other than |
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municipal, shall be taxed in proportion to its market value, which |
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shall be ascertained as may be provided by law. |
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SECTION 2. Section 20, Article VIII, Texas Constitution, is |
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amended to read as follows: |
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Sec. 20. No property of any kind in this State shall ever be |
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assessed for ad valorem taxes at a greater value than its [fair
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cash] market value nor shall any Board of Equalization of any |
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governmental or political subdivision or taxing district within |
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this State fix the value of any property for tax purposes at more |
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than its [fair cash] market value; provided that in order to |
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encourage the prompt payment of taxes, the Legislature shall have |
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the power to provide that the taxpayer shall be allowed by the State |
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and all governmental and political subdivisions and taxing |
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districts of the State a three per cent (3%) discount on ad valorem |
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taxes due the State or due any governmental or political |
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subdivision or taxing district of the State if such taxes are paid |
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ninety (90) days before the date when they would otherwise become |
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delinquent; and the taxpayer shall be allowed a two per cent (2%) |
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discount on said taxes if paid sixty (60) days before said taxes |
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would become delinquent; and the taxpayer shall be allowed a one per |
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cent (1%) discount if said taxes are paid thirty (30) days before |
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they would otherwise become delinquent. The Legislature shall pass |
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necessary laws for the proper administration of this Section. |
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SECTION 3. This proposed constitutional amendment shall be |
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submitted to the voters at an election to be held November 5, 2019. |
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The ballot shall be printed to permit voting for or against the |
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proposition: "The constitutional amendment providing for the |
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valuation of property for ad valorem tax purposes on the basis of |
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its market value." |