Bill Text: TX HB40 | 2023 | 88th Legislature 2nd Special Session | Introduced
Bill Title: Relating to the limitation on increases in the appraised value of a residence homestead for ad valorem taxation.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2023-06-28 - Filed [HB40 Detail]
Download: Texas-2023-HB40-Introduced.html
88S20040 RDS-D | ||
By: Bell of Montgomery | H.B. No. 40 |
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relating to the limitation on increases in the appraised value of a | ||
residence homestead for ad valorem taxation. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. Section 23.23(a), Tax Code, is amended to read as | ||
follows: | ||
(a) Notwithstanding the requirements of Section 25.18 and | ||
regardless of whether the appraisal office has appraised the | ||
property and determined the market value of the property for the tax | ||
year, an appraisal office may increase the appraised value of a | ||
residence homestead for a tax year to an amount not to exceed the | ||
lesser of: | ||
(1) the market value of the property for the most | ||
recent tax year that the market value was determined by the | ||
appraisal office; or | ||
(2) the sum of: | ||
(A) five [ |
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the property for the preceding tax year; | ||
(B) the appraised value of the property for the | ||
preceding tax year; and | ||
(C) the market value of all new improvements to | ||
the property. | ||
SECTION 2. This Act applies only to the appraisal for ad | ||
valorem taxation of residence homesteads for a tax year that begins | ||
on or after the effective date of this Act. | ||
SECTION 3. This Act takes effect January 1, 2024, but only | ||
if the constitutional amendment proposed by the 88th Legislature, | ||
2nd Called Session, 2023, to authorize the legislature to set a | ||
lower limit on the maximum appraised value of a residence homestead | ||
for ad valorem taxation is approved by the voters. If that | ||
amendment is not approved by the voters, this Act has no effect. |