| 1 | 1 | | 85S12533 SMH-D |
|---|
| 2 | 2 | | By: White H.J.R. No. 55 |
|---|
| 3 | 3 | | |
|---|
| 4 | 4 | | |
|---|
| 5 | 5 | | A JOINT RESOLUTION |
|---|
| 6 | 6 | | proposing a constitutional amendment to authorize the legislature |
|---|
| 7 | 7 | | to limit the maximum appraised value of real property for ad valorem |
|---|
| 8 | 8 | | tax purposes. |
|---|
| 9 | 9 | | BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
|---|
| 10 | 10 | | SECTION 1. Section 1(i), Article VIII, Texas Constitution, |
|---|
| 11 | 11 | | is amended to read as follows: |
|---|
| 12 | 12 | | (i) Notwithstanding Subsections (a) and (b) of this |
|---|
| 13 | 13 | | section, the Legislature by general law may limit the maximum |
|---|
| 14 | 14 | | appraised value of real property [a residence homestead] for ad |
|---|
| 15 | 15 | | valorem tax purposes in a tax year to the lesser of the most recent |
|---|
| 16 | 16 | | market value of the real property [residence homestead] as |
|---|
| 17 | 17 | | determined by the appraisal entity or the greater of the highest |
|---|
| 18 | 18 | | appraised value of the property for any tax year beginning with the |
|---|
| 19 | 19 | | 2018 tax year or 105 [110] percent, or a greater percentage, of the |
|---|
| 20 | 20 | | appraised value of the real property [residence homestead] for the |
|---|
| 21 | 21 | | preceding tax year. The Legislature by general law may provide for |
|---|
| 22 | 22 | | a percentage of less than 105 percent but not less than 102 percent |
|---|
| 23 | 23 | | of the appraised value of the real property for the preceding tax |
|---|
| 24 | 24 | | year to be used in calculating the maximum appraised value of real |
|---|
| 25 | 25 | | property for ad valorem tax purposes if the owner of the real |
|---|
| 26 | 26 | | property discloses to the appraisal entity the price the owner paid |
|---|
| 27 | 27 | | to purchase the real property. A limitation on appraised values |
|---|
| 28 | 28 | | authorized by this subsection: |
|---|
| 29 | 29 | | (1) takes effect in the tax year following the first |
|---|
| 30 | 30 | | tax year in which the owner owns the property on January 1 or, if the |
|---|
| 31 | 31 | | property qualifies for an exemption as the [to a] residence |
|---|
| 32 | 32 | | homestead of the owner under Section 1-b of this article in the tax |
|---|
| 33 | 33 | | year in which the owner acquires the property, in [on the later of |
|---|
| 34 | 34 | | the effective date of the law imposing the limitation or January 1 |
|---|
| 35 | 35 | | of] the tax year following the [first] tax year in which the owner |
|---|
| 36 | 36 | | acquires [qualifies] the property [for an exemption under Section |
|---|
| 37 | 37 | | 1-b of this article]; and |
|---|
| 38 | 38 | | (2) expires on January 1 of the [first] tax year |
|---|
| 39 | 39 | | following the tax year in which [that neither] the owner of the |
|---|
| 40 | 40 | | property when the limitation took effect ceases to own the |
|---|
| 41 | 41 | | property, except that the Legislature by general law may provide |
|---|
| 42 | 42 | | for the limitation applicable to a residence homestead to continue |
|---|
| 43 | 43 | | during ownership of the property by [nor] the owner's spouse or |
|---|
| 44 | 44 | | surviving spouse [qualifies for an exemption under Section 1-b of |
|---|
| 45 | 45 | | this article]. |
|---|
| 46 | 46 | | SECTION 2. This proposed constitutional amendment shall be |
|---|
| 47 | 47 | | submitted to the voters at an election to be held November 6, 2018. |
|---|
| 48 | 48 | | The ballot shall be printed to permit voting for or against the |
|---|
| 49 | 49 | | proposition: "The constitutional amendment to authorize the |
|---|
| 50 | 50 | | legislature to limit the maximum appraised value of real property |
|---|
| 51 | 51 | | for ad valorem tax purposes." |
|---|