| 1 | 1 | | 86R10852 SMH-D |
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| 2 | 2 | | By: Wilson H.J.R. No. 110 |
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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 authorizing the legislature |
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| 7 | 7 | | to provide that the appraised value of a residence homestead for ad |
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| 8 | 8 | | valorem tax purposes is the market value of the property for the |
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| 9 | 9 | | first year that the owner qualified the property for a homestead |
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| 10 | 10 | | exemption or, if the owner purchased the property, the purchase |
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| 11 | 11 | | price of the property. |
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| 12 | 12 | | BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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| 13 | 13 | | SECTION 1. Section 1(i), Article VIII, Texas Constitution, |
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| 14 | 14 | | is amended to read as follows: |
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| 15 | 15 | | (i) Notwithstanding Subsections (a) and (b) of this |
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| 16 | 16 | | section, the Legislature by general law may provide that [limit] |
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| 17 | 17 | | the [maximum] appraised value of a residence homestead for ad |
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| 18 | 18 | | valorem tax purposes in a tax year is equal to the [lesser of the |
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| 19 | 19 | | most recent] market value of the residence homestead as determined |
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| 20 | 20 | | by the appraisal entity for the first tax year that the owner |
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| 21 | 21 | | qualified the property for an exemption under Section 1-b of this |
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| 22 | 22 | | article or, if the owner acquired the property as a bona fide |
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| 23 | 23 | | purchaser for value, the purchase price of the property paid by the |
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| 24 | 24 | | owner [or 110 percent, or a greater percentage, of the appraised |
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| 25 | 25 | | value of the residence homestead for the preceding tax year]. A |
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| 26 | 26 | | limitation on appraised values authorized by this subsection: |
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| 27 | 27 | | (1) takes effect as to a residence homestead on [the |
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| 28 | 28 | | later of the effective date of the law imposing the limitation or] |
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| 29 | 29 | | January 1 of the first tax year [following the first tax year] the |
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| 30 | 30 | | owner qualifies the property for an exemption under Section 1-b of |
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| 31 | 31 | | this article; and |
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| 32 | 32 | | (2) expires on January 1 of the first tax year that |
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| 33 | 33 | | neither the owner of the property when the limitation took effect |
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| 34 | 34 | | nor the owner's spouse or surviving spouse qualifies for an |
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| 35 | 35 | | exemption under Section 1-b of this article, except that a |
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| 36 | 36 | | limitation established under this subsection does not expire if a |
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| 37 | 37 | | change in ownership of the property occurs by inheritance or under a |
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| 38 | 38 | | will as long as the person who acquires the property qualifies for |
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| 39 | 39 | | an exemption under Section 1-b of this article. |
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| 40 | 40 | | SECTION 2. This proposed constitutional amendment shall be |
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| 41 | 41 | | submitted to the voters at an election to be held November 5, 2019. |
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| 42 | 42 | | The ballot shall be printed to permit voting for or against the |
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| 43 | 43 | | proposition: "The constitutional amendment authorizing the |
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| 44 | 44 | | legislature to provide that the appraised value of a residence |
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| 45 | 45 | | homestead for ad valorem tax purposes is the market value of the |
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| 46 | 46 | | property for the first year that the owner qualified the property |
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| 47 | 47 | | for a homestead exemption or, if the owner purchased the property, |
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| 48 | 48 | | the purchase price of the property." |
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