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A JOINT RESOLUTION
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proposing a constitutional amendment authorizing the legislature |
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to provide that the officials responsible for appraising property |
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for ad valorem taxation in a county may exclude from consideration |
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the value of new or substantially remodeled residential property |
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when determining the market value of an older residence homestead |
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located in or near a tax increment financing reinvestment zone. |
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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 (o) to read as follows: |
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(o) The legislature by general law may provide that, in |
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determining the market value for ad valorem taxation of a residence |
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homestead that is more than 30 years old and is located in a tax |
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increment financing reinvestment zone created by a municipality |
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under a law authorized by Section 1-g of this article or in the area |
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adjacent to the zone, the officials responsible for appraising |
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property for taxation in the county may exclude from consideration |
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the value of new or substantially remodeled residential properties |
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that are located in the same neighborhood as the residence |
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homestead being appraised and that would otherwise be considered in |
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appraising the residence homestead. The general law may provide |
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additional eligibility requirements for appraisal under this |
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subsection. |
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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 7, 2023. |
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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 that the officials responsible for |
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appraising property for ad valorem taxation in a county may exclude |
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from consideration the value of new or substantially remodeled |
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residential property when determining the market value of an older |
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residence homestead located in or near a tax increment financing |
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reinvestment zone." |