| |
| |
|
|
A JOINT RESOLUTION
|
|
|
proposing a constitutional amendment to authorize the legislature |
|
|
to limit the maximum appraised value of commercial property and |
|
|
rental property for ad valorem taxation. |
|
|
BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
|
|
SECTION 1. Section 1, Article VIII, Texas Constitution, is |
|
|
amended to read as follows: |
|
|
Sec. 1. EQUALITY AND UNIFORMITY OF TAXATION; TAXATION OF |
|
|
PROPERTY IN PROPORTION TO VALUE; OCCUPATION AND INCOME TAXES; |
|
|
EXEMPTION OF CERTAIN TANGIBLE PERSONAL PROPERTY AND SMALL MINERAL |
|
|
INTERESTS FROM AD VALOREM TAXATION; VALUATION OF RESIDENCE |
|
|
HOMESTEADS FOR TAX PURPOSES; VALUATION OF COMMERCIAL AND RENTAL |
|
|
PROPERTY FOR TAX PURPOSES. |
|
|
(k) Notwithstanding Subsections (a) and (b) of this |
|
|
section, the Legislature by general law may limit the maximum |
|
|
appraised value of a commercial property or rental property for ad |
|
|
valorem tax purposes in a tax year to the lesser of the most recent |
|
|
market value of the property as determined by the appraisal entity |
|
|
or 108 percent, or a greater percentage, of the appraised value of |
|
|
the property for the preceding tax year. A limitation on appraised |
|
|
values authorized by this subsection: |
|
|
(1) takes effect as to a commercial property or rental |
|
|
property on the later of the effective date of the law imposing the |
|
|
limitation or January 1 of the 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. |
|
|
SECTION 2. This proposed constitutional amendment shall be |
|
|
submitted to the voters at an election to be held November 7, 2023. |
|
|
The ballot shall be printed to permit voting for or against the |
|
|
proposition: "The constitutional amendment to authorize the |
|
|
legislature to limit the maximum appraised value of commercial |
|
|
property and rental property for ad valorem taxation." |