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A BILL TO BE ENTITLED
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AN ACT
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relating to adjustments in the appraised value of a residence |
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homestead. |
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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 adjust [increase] the appraised value |
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of a residence homestead for a tax year to an amount not to exceed |
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the 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) if the market value of the property has increased |
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from the most recent tax year, the sum of: |
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(A) 3 [10] percent of the appraised value of the |
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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; or |
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(3) if the market value of the property has decreased |
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from the most recent tax year, the sum of: |
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(A) the appraised value of the property for the |
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preceding tax year minus the percentage of the appraised value of |
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the property proportionate to the percentage of the decreased |
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market value; and |
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(B) the market value of all new improvements to |
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the property. |
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SECTION 2. This Act takes effect September 1, 2025. |