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A JOINT RESOLUTION
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proposing a constitutional amendment to authorize the legislature |
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to set a lower limit on the maximum appraised value of a residence |
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homestead for ad valorem tax purposes. |
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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 amending Subsection (i) and adding Subsection (i-1) to |
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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 a residence homestead for ad valorem tax |
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purposes in a tax year to the lesser of: |
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(1) the most recent market value of the residence |
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homestead as determined by the appraisal entity; or |
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(2) the lesser of 110 percent[,] or a percentage equal |
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to the sum of 100 and the inflation rate for the preceding tax year |
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as determined by general law [a greater percentage,] of the |
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appraised value of the residence homestead for the preceding tax |
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year. |
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(i-1) A limitation on appraised values authorized by |
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Subsection (i) of this section [this subsection]: |
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(1) takes effect as to a residence homestead on the |
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later of the effective date of the law imposing the limitation or |
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January 1 of the tax year following the first tax year the owner |
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qualifies the property for an exemption under Section 1-b of this |
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article; and |
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(2) expires on January 1 of the first tax year that |
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neither the owner of the property when the limitation took effect |
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nor the owner's spouse or surviving spouse qualifies for an |
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exemption under Section 1-b of 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 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 to authorize the |
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legislature to set a lower limit on the maximum appraised value of a |
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residence homestead for ad valorem tax purposes." |