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A JOINT RESOLUTION
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proposing a constitutional amendment authorizing the legislature |
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to provide for the appraisal of real property for ad valorem tax |
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purposes based on its purchase price. |
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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) Notwithstanding Subsections (a), (b), and (i) of this |
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section, for each tax year following the year in which the property |
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was purchased until the end of the tax year in which the ownership |
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of the property changes, the legislature by general law may limit |
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the maximum appraised value of real property for ad valorem tax |
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purposes to the lesser of the market value of the property as |
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determined by the appraisal entity or the sum of the amount the |
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owner of the property paid for the property and the initial market |
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value of each new improvement to the property. The applicability of |
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a general law enacted under this subsection must be limited to a |
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bona fide purchaser for value of a property who, in the manner |
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provided by law, applies for the limitation on appraised value |
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under this subsection not later than a date prescribed by general |
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law in the tax year following the year in which the person purchased |
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the property. The maximum appraised value of a residence homestead |
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that is subject to a limitation on appraised value authorized by |
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this subsection and to a limitation authorized by Subsection (i) of |
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this section is equal to the lesser of the amount authorized by this |
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subsection or the amount authorized by that subsection. The |
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legislature may prescribe or delegate to an appropriate public |
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official or entity the authority to prescribe standards and |
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procedures to administer a law enacted under this subsection, |
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including criteria to be used to determine whether a person was a |
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bona fide purchaser for value. |
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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 2, 2021. |
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The ballot shall be printed to permit voting for or against the |
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proposition: "The constitutional amendment authorizing the |
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legislature to provide for the appraisal of real property for ad |
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valorem tax purposes based on its purchase price." |