Proposing a constitutional amendment to authorize the legislature to provide for the continuation of a limitation on the maximum appraised value of a residence homestead for ad valorem tax purposes if the property is acquired by and qualifies as the homestead of an heir of the owner or the owner's spouse or surviving spouse.
Impact
If enacted, this amendment would require a change in the Texas Constitution, specifically targeting Article VIII, which deals with ad valorem taxation. The new provision would allow for the appraisal limit to extend not only to the original owner but also to their heirs under defined circumstances, thereby protecting them from market valuation spikes. It would help in maintaining affordable property taxes for families inheriting homes, which is a significant concern for many Texans as housing markets fluctuate. The implementation of this amendment could ease the financial burden on families keeping their long-time residences within the family.
Summary
SJR83 proposes a constitutional amendment aimed at allowing the Texas Legislature to maintain a limitation on the maximum appraised value of a residence homestead for property tax purposes when that property is acquired by heirs of the original owner or the owner's surviving spouse. This legislation seeks to ensure that families can retain their residence without facing substantial increases in property taxes that could arise from rising market values after the owner's death. The bill emphasises the transition of homestead properties within families and aims to provide financial stability for heirs.
Contention
Debate around SJR83 may arise primarily from concerns regarding the implications for revenue generated from property taxes. Supporters contend that this will help preserve familial homes against tax inflation, while opponents may argue it could impact local government funding which often relies on property taxes for essential services. As such, there could be contrasting views on the balance between aiding families and ensuring adequate resources for public services reliant on consistent tax revenues. Overall, the discussions may focus on whether reducing potential tax revenues justifies the benefits of allowing families to retain their homesteads.
Enabled by
Relating to the continuation of a limitation on increases in the appraised value of a residence homestead for ad valorem tax purposes if the property is acquired by and qualifies as the homestead of an heir of the owner or the owner's spouse or surviving spouse.
Proposing a constitutional amendment to authorize the legislature to provide for the continuation of a limitation on the maximum appraised value of a residence homestead for ad valorem tax purposes if the property is acquired by and qualifies as the homestead of an heir of the owner or the owner's spouse or surviving spouse.
Relating to the continuation of a limitation on increases in the appraised value of a residence homestead for ad valorem tax purposes if the property is acquired by and qualifies as the homestead of an heir of the owner or the owner's spouse or surviving spouse.
Relating to the continuation of a limitation on increases in the appraised value of a residence homestead for ad valorem tax purposes if the property is acquired by and qualifies as the homestead of an heir of the owner or the owner's spouse or surviving spouse.
Proposing a constitutional amendment to authorize the legislature to limit the maximum appraised value of a residence homestead for ad valorem tax purposes to the appraised value of the property when it was first qualified as a residence homestead, plus the value of subsequent improvements.
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.
Proposing a constitutional amendment to authorize the legislature to establish a lower limit on the maximum appraised value of residence homesteads for ad valorem tax purposes and to establish a limit on the value of single-family residences other than residence homesteads for those purposes.
Proposing a constitutional amendment to authorize the legislature to establish a lower limit on the maximum appraised value of residence homesteads for ad valorem tax purposes and to establish a limit on the value of single-family residences other than residence homesteads for those purposes.
Proposing a constitutional amendment authorizing the legislature to limit the maximum appraised value of residential real property for ad valorem tax purposes to 105 percent or more of the appraised value of the property for the preceding tax year, to exempt from ad valorem taxation the total appraised value of property purchased by an individual for the first tax year the individual qualifies the property as the individual's residence homestead if the property is the individual's first residence homestead and has an appraised value of less than $300,000, and to limit the total amount of ad valorem taxes that a political subdivision may impose on the residence homestead of an individual and the surviving spouse of the individual if the individual qualifies the property as the individual's residence homestead for at least 25 consecutive tax years.
Proposing a constitutional amendment to authorize the legislature to set a lower limit on the maximum appraised value of a residence homestead for ad valorem tax purposes.
Proposing a constitutional amendment to authorize the legislature to set a lower limit on the maximum appraised value of a residence homestead for ad valorem taxation.