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A JOINT RESOLUTION
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proposing a constitutional amendment to authorize the legislature |
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to provide for a limitation on the maximum appraised value for ad |
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valorem tax purposes of residential real property leased to an |
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elderly person. |
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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 (k) to read as follows: |
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(k) This subsection applies only to real property that is a |
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single-family residential property leased to a lessee who is 65 |
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years of age or older and used by the lessee as a primary residence |
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and that is leased to the lessee for a rent that does not exceed the |
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fair market rent. 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 such property for ad valorem tax purposes in a |
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tax year to the lesser of the most recent market value of the |
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property as determined by the appraisal entity or 110 percent, or a |
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greater percentage, of the appraised value of the property for the |
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preceding tax year. The general law enacted under this subsection |
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may prescribe additional eligibility requirements for the |
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limitation on appraised values authorized by this subsection. A |
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limitation on appraised values authorized by this subsection: |
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(1) takes effect as to real property described by this |
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subsection on the later of the effective date of the law imposing |
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the limitation or January 1 of the tax year following the first tax |
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year in which the owner of the property leases the property to a |
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lessee and for an amount described by this subsection; 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 lease |
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the property to a lessee or for an amount described by 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 4, 2025. |
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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 for ad valorem tax |
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purposes of residential real property leased to an elderly person |
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to 110 percent or more of the appraised value of the property for |
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the preceding tax year." |