Amend CSHB 2 (house committee printing) as follows:
(1) On page 3, line 26, strike "(c-2)" and substitute "(a-1), (c-2)".
(2) On page 4, between lines 15 and 16, insert the following:
(a-1) This subsection applies only to the first tax year that a person owns a single family residential property. Notwithstanding the requirements of Section 25.18 and regardless of whether the appraisal office has appraised the property and determined the market value of the property for the tax year, an appraisal office may increase the appraised value of the property to an amount not to exceed the lesser of:
(1) the market value of the property for the most recent tax year that the market value was determined by the appraisal office; or
(2) the sum of:
(A) 10 percent of the appraised value of the property for the preceding tax year;
(B) the appraised value of the property for the preceding tax year; and
(C) the market value of all new improvements to the property.
(3) On page 4, line 21, between "(a)(2)" and the period, insert "or (a-1)".
(4) On page 5, line 19, strike "this section" and substitute "Subsection (a)".