87R925 SMH-D
 
  By: Toth H.J.R. No. 8
 
 
 
A JOINT RESOLUTION
  proposing a constitutional amendment authorizing the legislature
  to provide that the appraised value of a residence homestead for ad
  valorem tax purposes is the market value of the property for the
  first year that the owner qualified the property for a homestead
  exemption or, if the owner purchased the property, the purchase
  price of the property.
         BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Section 1(i), Article VIII, Texas Constitution,
  is amended to read as follows:
         (i)  Notwithstanding Subsections (a) and (b) of this
  section, the Legislature by general law may provide that [limit]
  the [maximum] appraised value of a residence homestead for ad
  valorem tax purposes in a tax year is equal to the [lesser of the
  most recent] market value of the residence homestead as determined
  by the appraisal entity for the first tax year that the owner
  qualified the property for an exemption under Section 1-b of this
  article or, if the owner acquired the property as a bona fide
  purchaser for value, the purchase price of the property paid by the
  owner [or 110 percent, or a greater percentage, of the appraised
  value of the residence homestead for the preceding tax year]. A
  limitation on appraised values authorized by this subsection:
               (1)  takes effect as to a residence homestead on [the
  later of the effective date of the law imposing the limitation or]
  January 1 of the first tax year [following the first tax year] the
  owner qualifies the property for an exemption under Section 1-b of
  this article; and
               (2)  expires on January 1 of the first tax year that
  neither the owner of the property when the limitation took effect
  nor the owner's spouse or surviving spouse qualifies for an
  exemption under Section 1-b of this article, except that a
  limitation established under this subsection does not expire if a
  change in ownership of the property occurs by inheritance or under a
  will as long as the person who acquires the property qualifies for
  an exemption under Section 1-b of this article.
         SECTION 2.  This proposed constitutional amendment shall be
  submitted to the voters at an election to be held November 2, 2021.
  The ballot shall be printed to permit voting for or against the
  proposition: "The constitutional amendment authorizing the
  legislature to provide that the appraised value of a residence
  homestead for ad valorem tax purposes is the market value of the
  property for the first year that the owner qualified the property
  for a homestead exemption or, if the owner purchased the property,
  the purchase price of the property."