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A JOINT RESOLUTION
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proposing a constitutional amendment to authorize the legislature |
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to permit the governing body of a political subdivision in a county |
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in which home prices are appreciating rapidly to adopt a limitation |
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on increases in the appraised value for purposes of ad valorem |
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taxation by the political subdivision of residence homesteads in |
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certain low-income areas. |
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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 (i-1) to read as follows: |
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(i-1) Notwithstanding Subsections (a), (b), and (i) of this |
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section, the Legislature by general law may authorize the governing |
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body of a political subdivision all or part of which is located in a |
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county in which home prices are appreciating rapidly to limit the |
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maximum appraised value of a residence homestead in a low-income |
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area for purposes of ad valorem taxation by the political |
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subdivision of the residence homestead in a tax year to the lesser |
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of the most recent market value of the residence homestead as |
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determined by the appraisal entity or the amount computed by |
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adjusting the appraised value of the residence homestead for the |
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preceding tax year by the greater of the percentage set by the |
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governing body or the rate of increase in the sales price of |
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existing homes in this state. The maximum appraised value of a |
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residence homestead that is subject to a limitation on appraised |
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values authorized by this subsection and to a limitation authorized |
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by Subsection (i) of this section is equal to the lesser of the |
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amount authorized by this subsection and the amount authorized by |
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that subsection. A limitation on appraised values authorized by |
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this subsection: |
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(1) takes effect as to a residence homestead on the |
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later of the effective date of the limitation or January 1 of the |
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tax year following the first tax year in which the owner qualifies |
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the property for an exemption under Section 1-b of this article and |
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the residence homestead is located in a low-income area; and |
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(2) expires on January 1 of the first tax year in which |
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neither the owner of the property when the limitation took effect |
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nor the owner's spouse or surviving spouse qualifies for an |
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exemption under Section 1-b of this article or the residence |
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homestead ceases to be located in a low-income area. |
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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, 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 to authorize the |
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legislature to permit the governing body of a political subdivision |
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in a county in which home prices are appreciating rapidly to adopt a |
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limitation on increases in the appraised value for purposes of ad |
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valorem taxation by the political subdivision of residence |
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homesteads in certain low-income areas." |