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A JOINT RESOLUTION
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proposing a constitutional amendment to authorize the legislature |
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to limit the maximum appraised value of commercial real property |
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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 adding Subsection (i-1) to read as follows: |
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(i-1) 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 parcel of commercial real property for ad |
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valorem tax purposes in a tax year to the lesser of the most recent |
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market value of the property as determined by the appraisal entity |
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or 105 percent, or a greater percentage, of the appraised value of |
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the property for the preceding tax year. The Legislature by general |
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law may define commercial real property for purposes of this |
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section. A limitation on appraised values authorized by this |
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subsection: |
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(1) takes effect as to a parcel of commercial real |
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property on the later of the effective date of the law imposing the |
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limitation or January 1 of the tax year following the first tax year |
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in which the owner owns the property on January 1 and in which the |
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property meets the definition of commercial real property; and |
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(2) expires on January 1 of the tax year following the |
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first tax year in which the owner of the property ceases to own the |
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property or the property no longer meets the definition of |
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commercial real property. |
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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 limit the maximum appraised value of commercial real |
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property for ad valorem tax purposes to 105 percent or more of the |
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appraised value of the property for the preceding tax year." |