Proposing a constitutional amendment to require that taxation be fair and equal and that the full cash value of property, calculated only when property is purchased, constructed, or exchanged, be used for purposes of ad valorem taxation.
Impact
If enacted, HJR121 would fundamentally alter the Texas Constitution, specifically Article VIII, which deals with taxation. The proposed changes emphasize a more stable framework for property valuations, potentially reducing the variability that property owners face from annual reassessments. By focusing on valuations at the time of transactions rather than ongoing reassessments, this amendment could provide a more predictable tax environment for homeowners and businesses alike, which supporters argue will aid in long-term planning and investment.
Summary
HJR121 is a joint resolution proposing a constitutional amendment aimed at ensuring that property taxation in Texas is fair and equal. The resolution mandates that the full cash value of property, which is determined only at the time the property is purchased, constructed, or exchanged, is to be used for ad valorem taxation purposes. This amendment seeks to redefine how property is appraised for tax purposes, moving toward a system that reflects the actual market value at specific points of property ownership rather than ongoing assessments that can fluctuate dramatically.
Contention
Despite its intended fairness, HJR121 may attract contention regarding its implications for revenue generation at the local level. Critics could argue that fixed property valuations based on transaction points might limit local governments' ability to adapt their tax revenues to changing financial needs over time. This could disproportionately affect municipalities that rely heavily on property taxes for funding essential services. Further discussions are expected to center around the balance between taxpayer equity and the necessity of sufficient revenue streams for local governments.
Enabled by
Relating to requiring the full cash value of property, calculated only when property is purchased, constructed, or exchanged, be used for purposes of ad valorem taxation.
Proposing a constitutional amendment to authorize the legislature to limit the maximum appraised value of commercial property and rental property for ad valorem taxation.
Proposing a constitutional amendment to authorize the legislature to limit the maximum appraised value of commercial property and rental property for ad valorem taxation.
Proposing a constitutional amendment to authorize the legislature to limit the maximum appraised value of commercial property and rental property for ad valorem taxation.
Proposing a constitutional amendment to authorize the legislature to limit the maximum appraised value for ad valorem tax purposes and exempt from ad valorem taxation a portion of the market value of rental real property that primarily serves as the residence of the occupants of the property.
Proposing a constitutional amendment to authorize the legislature to exempt from ad valorem taxation property used to control pollution, regardless of whether the property is used to meet or exceed rules or regulations adopted for that purpose.
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 exempt from ad valorem taxation the portion of the assessed value of a person's property that is attributable to the installation or construction in or on the property of border security infrastructure.