Bill Text: TX SJR55 | 2023-2024 | 88th Legislature | Introduced

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Bill Title: Proposing a constitutional amendment authorizing the legislature to provide that the appraised value of a residence homestead for ad valorem tax purposes is the market value of the property for the first year that the owner qualified the property for a homestead exemption or, if the owner purchased the property, the purchase price of the property.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2023-03-03 - Referred to Local Government [SJR55 Detail]

Download: Texas-2023-SJR55-Introduced.html

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88R472 SMH-D
By: Middleton S.J.R. No. 55

A JOINT RESOLUTION
proposing a constitutional amendment authorizing the legislature
to provide that the appraised value of a residence homestead for ad
valorem tax purposes is the market value of the property for the
first year that the owner qualified the property for a homestead
exemption or, if the owner purchased the property, the purchase
price of the property.
BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 1(i), Article VIII, Texas Constitution,
is amended to read as follows:
(i) Notwithstanding Subsections (a) and (b) of this
section, the Legislature by general law may provide that [limit]
the [maximum] appraised value of a residence homestead for ad
valorem tax purposes in a tax year is equal to the [lesser of the
most recent] market value of the residence homestead as determined
by the appraisal entity for the first tax year that the owner
qualified the property for an exemption under Section 1-b of this
article or, if the owner acquired the property as a bona fide
purchaser for value, the purchase price of the property paid by the
owner [or 110 percent, or a greater percentage, of the appraised
value of the residence homestead for the preceding tax year]. A
limitation on appraised values authorized by this subsection:
(1) takes effect as to a residence homestead on [the
later of the effective date of the law imposing the limitation or]
January 1 of the first tax year [following the first tax year] the
owner qualifies the property for an exemption under Section 1-b of
this article; and
(2) expires on January 1 of the first tax year that
neither the owner of the property when the limitation took effect
nor the owner's spouse or surviving spouse qualifies for an
exemption under Section 1-b of this article, except that a
limitation established under this subsection does not expire if a
change in ownership of the property occurs by inheritance or under a
will as long as the person who acquires the property qualifies for
an exemption under Section 1-b of this article.
SECTION 2. This proposed constitutional amendment shall be
submitted to the voters at an election to be held November 7, 2023.
The ballot shall be printed to permit voting for or against the
proposition: "The constitutional amendment authorizing the
legislature to provide that the appraised value of a residence
homestead for ad valorem tax purposes is the market value of the
property for the first year that the owner qualified the property
for a homestead exemption or, if the owner purchased the property,
the purchase price of the property."