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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 appraised value of real property for ad valorem tax |
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purposes to the value when the owner acquired the property and to |
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provide for determining that value on the basis of the purchase |
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price of the property, if applicable. |
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BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 1(i), Article VIII, Texas Constitution, |
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is amended to read as follows: |
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(i) Notwithstanding Subsections (a) and (b) of this |
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section, the Legislature by general law may limit the maximum |
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appraised value of real property [a residence homestead] 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 [residence homestead] as determined by |
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the appraisal entity or the sum of [110 percent, or a greater |
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percentage, of] the appraised value of the property [residence |
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homestead] for the [preceding] tax year in which the owner acquired |
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the property and the initial market value of each new improvement to |
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the property. The Legislature may provide for determining the |
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appraised value of the property for the tax year in which the owner |
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acquired the property on the basis of the purchase price the owner |
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paid for the property if the owner was a bona fide purchaser for |
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value and applies for the limitation on appraised value under this |
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subsection not later than a date prescribed by general law in the |
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tax year following the year in which the person purchased the |
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property. The Legislature may prescribe or delegate to an |
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appropriate public official or entity the authority to prescribe |
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standards and procedures to administer a law enacted under this |
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subsection, including criteria to be used to determine whether a |
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person is a bona fide purchaser for value. A limitation on |
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appraised values authorized by this subsection: |
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(1) takes effect in the tax year following the first |
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tax year in which the owner owns the property on January 1 or, if the |
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property qualifies for an exemption as the [to a] residence |
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homestead of the owner under Section 1-b of this article in the tax |
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year in which the owner acquires the property, in [on the later of |
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the effective date of the law imposing the limitation or January 1 |
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of] the tax year following the [first] tax year in which the owner |
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acquires [qualifies] the property [for an exemption under Section |
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1-b of this article]; and |
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(2) expires on January 1 of the [first] tax year |
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following the tax year in which [that neither] the owner of the |
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property when the limitation took effect ceases to own the |
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property, except that the Legislature by general law may provide |
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for the limitation applicable to a residence homestead to continue |
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during ownership of the property by [nor] the owner's spouse or |
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surviving spouse [qualifies for an exemption under Section 1-b of |
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this article]. |
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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 to authorize the |
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legislature to limit the appraised value of real property for ad |
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valorem tax purposes to the value when the owner acquired the |
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property and to provide for determining that value on the basis of |
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the purchase price of the property, if applicable." |