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A BILL TO BE ENTITLED
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AN ACT
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relating to the limitation on increases in the appraised value of a |
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residence homestead for ad valorem taxation. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 23.23(a), Tax Code, is amended to read as |
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follows: |
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(a) Notwithstanding the requirements of Section 25.18 and |
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regardless of whether the appraisal office has appraised the |
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property and determined the market value of the property for the tax |
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year, an appraisal office may increase the appraised value of a |
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residence homestead for a tax year to an amount not to exceed the |
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lesser of: |
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(1) the market value of the property for the most |
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recent tax year that the market value was determined by the |
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appraisal office; or |
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(2) the sum of: |
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(A) 3.5 [10] percent of the appraised value of |
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the property for the preceding tax year; |
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(B) the appraised value of the property for the |
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preceding tax year; and |
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(C) the market value of all new improvements to |
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the property. |
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SECTION 2. This Act applies only to the appraisal for ad |
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valorem taxation of residence homesteads for a tax year that begins |
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on or after the effective date of this Act. |
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SECTION 3. This Act takes effect January 1, 2024, but only |
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if the constitutional amendment proposed by the 88th Legislature, |
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Regular Session, 2023, to authorize the legislature to set a lower |
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limit on the maximum appraised value of a residence homestead for ad |
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valorem taxation is approved by the voters. If that amendment is |
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not approved by the voters, this Act has no effect. |