83R3463 SMH-D
By: Raymond H.J.R. No. 126
A JOINT RESOLUTION
proposing a constitutional amendment to authorize the legislature
to limit the maximum appraised value for ad valorem tax purposes of
real property owned or leased by a small business and used for
business purposes to 110 percent or more of the appraised value of
the property for the preceding tax year.
BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 1, Article VIII, Texas Constitution, is
amended by adding Subsection (k) to read as follows:
(k) This section applies only to real property that is owned
or leased by a business entity that had less than $1 million in
gross receipts in its most recent fiscal year and is used for
business purposes by the business entity. Notwithstanding
Subsections (a) and (b) of this section, the Legislature by general
law may limit the maximum appraised value of such property for ad
valorem tax purposes in a tax year to the lesser of the most recent
market value of the property as determined by the appraisal entity
or 110 percent, or a greater percentage, of the appraised value of
the property for the preceding tax year. A limitation on appraised
values authorized by this subsection:
(1) takes effect as to real property described by this
subsection on the later of the effective date of the law imposing
the limitation or January 1 of the tax year following the first tax
year in which the owner or lessee of the property owns or leases the
property on January 1, meets the limitation on annual gross
receipts prescribed by this subsection, and uses the property for
business purposes; and
(2) expires on January 1 of the tax year following the
first tax year in which the owner or lessee of the property ceases
to own or lease the property, meet the limitation on annual gross
receipts prescribed by this subsection, or use the property for
business purposes.
SECTION 2. This proposed constitutional amendment shall be
submitted to the voters at an election to be held November 5, 2013.
The ballot shall be printed to permit voting for or against the
proposition: "The constitutional amendment to authorize the
legislature to limit the maximum appraised value for ad valorem tax
purposes of real property owned or leased by a small business and
used for business purposes to 110 percent or more of the appraised
value of the property for the preceding tax year."