Texas House Bill HJR52

Texas 2019 - 86th Regular

Caption

Proposing a constitutional amendment providing for the valuation of property for ad valorem tax purposes on the basis of its market value.

Impact

If enacted, HJR52 would have significant implications for property taxation in Texas. By basing property taxes on market value, the amendment is expected to promote equity in how properties are assessed for taxation. This is particularly beneficial in areas experiencing rapid growth or declines in property values, as it could stabilize tax revenues and prevent sudden spikes in tax bills for property owners. Furthermore, the proposed discounts for early tax payments as outlined in the bill could incentivize timely payments, benefiting both the state and taxpayers.

Summary

HJR52 is a joint resolution proposing a constitutional amendment that seeks to establish a framework for the valuation of property for ad valorem tax purposes based on its market value. The bill aims to amend Section 1(b) and Section 20 of Article VIII of the Texas Constitution, stipulating that all real and tangible personal property in Texas shall be taxed in proportion to its market value. This change is intended to provide a more accurate and fair assessment of property values, ensuring taxpayers are not overburdened due to inflated valuations.

Contention

While the proponents of HJR52 argue that a market value-based assessment leads to a fairer and more equitable tax system, there may be contention regarding the implementation and the potential impact on local government funding. Critics may express concern that such changes could lead to revenue fluctuations for municipalities reliant on property tax income. Additionally, the complexity of determining market value and ensuring proper administrative measures are in place may raise questions about fairness and transparency in the assessment process.