| 1 | 1 | | 85S10265 LHC-D |
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| 2 | 2 | | By: Cosper H.J.R. No. 43 |
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| 3 | 3 | | |
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| 4 | 4 | | |
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| 5 | 5 | | A JOINT RESOLUTION |
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| 6 | 6 | | proposing a constitutional amendment to authorize the legislature |
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| 7 | 7 | | to establish a lower limit on the maximum appraised value of |
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| 8 | 8 | | residence homesteads for ad valorem tax purposes and to establish a |
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| 9 | 9 | | limit on the value of other real property for those purposes. |
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| 10 | 10 | | BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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| 11 | 11 | | SECTION 1. Section 1, Article VIII, Texas Constitution, is |
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| 12 | 12 | | amended by amending Subsection (i) and adding Subsection (k) to |
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| 13 | 13 | | read as follows: |
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| 14 | 14 | | (i) Notwithstanding Subsections (a) and (b) of this |
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| 15 | 15 | | section, the Legislature by general law may limit the maximum |
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| 16 | 16 | | appraised value of a residence homestead for ad valorem tax |
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| 17 | 17 | | purposes in a tax year to the lesser of the most recent market value |
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| 18 | 18 | | of the residence homestead as determined by the appraisal entity or |
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| 19 | 19 | | 107 [110] percent, or a greater percentage, of the appraised value |
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| 20 | 20 | | of the residence homestead for the preceding tax year. A limitation |
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| 21 | 21 | | on appraised values authorized by this subsection: |
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| 22 | 22 | | (1) takes effect as to a residence homestead on the |
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| 23 | 23 | | later of the effective date of the law imposing the limitation or |
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| 24 | 24 | | January 1 of the tax year following the first tax year the owner |
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| 25 | 25 | | qualifies the property for an exemption under Section 1-b of this |
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| 26 | 26 | | article; and |
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| 27 | 27 | | (2) expires on January 1 of the first tax year that |
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| 28 | 28 | | neither the owner of the property when the limitation took effect |
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| 29 | 29 | | nor the owner's spouse or surviving spouse qualifies for an |
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| 30 | 30 | | exemption under Section 1-b of this article. |
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| 31 | 31 | | (k) This subsection does not apply to a residence homestead |
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| 32 | 32 | | to which Subsection (i) of this section applies. Notwithstanding |
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| 33 | 33 | | Subsections (a) and (b) of this section, the Legislature by general |
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| 34 | 34 | | law may limit the maximum appraised value of real property for ad |
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| 35 | 35 | | valorem tax purposes in a tax year to the lesser of the most recent |
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| 36 | 36 | | market value of the property as determined by the appraisal entity |
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| 37 | 37 | | or 120 percent, or a greater percentage, of the appraised value of |
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| 38 | 38 | | the property for the preceding tax year. A limitation on appraised |
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| 39 | 39 | | values authorized by this subsection: |
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| 40 | 40 | | (1) takes effect as to a parcel of real property |
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| 41 | 41 | | described by this subsection on the later of the effective date of |
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| 42 | 42 | | the law imposing the limitation or January 1 of the tax year |
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| 43 | 43 | | following the first tax year in which the owner owns the property on |
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| 44 | 44 | | January 1; and |
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| 45 | 45 | | (2) expires on January 1 of the tax year following the |
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| 46 | 46 | | tax year in which the owner of the property ceases to own the |
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| 47 | 47 | | property. |
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| 48 | 48 | | SECTION 2. This proposed constitutional amendment shall be |
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| 49 | 49 | | submitted to the voters at an election to be held November 7, 2017. |
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| 50 | 50 | | The ballot shall be printed to provide for voting for or against the |
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| 51 | 51 | | proposition: "The constitutional amendment to authorize the |
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| 52 | 52 | | legislature to limit the maximum appraised value of a residence |
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| 53 | 53 | | homestead for ad valorem tax purposes to 107 percent or more of the |
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| 54 | 54 | | appraised value of the property for the preceding tax year and to |
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| 55 | 55 | | limit the maximum appraised value of real property other than a |
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| 56 | 56 | | residence homestead for those purposes to 120 percent or more of the |
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| 57 | 57 | | appraised value of the property for the preceding tax year." |
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