LEGISLATIVE BUDGET BOARD Austin, Texas FISCAL NOTE, 87TH LEGISLATIVE REGULAR SESSION April 18, 2021 TO: Honorable Morgan Meyer, Chair, House Committee on Ways & Means FROM: Jerry McGinty, Director, Legislative Budget Board IN RE: HJR108 by Krause (Proposing a constitutional amendment to authorize the legislature to establish a lower limit on the maximum appraised value of residence homesteads for ad valorem tax purposes and to establish a limit on the value of single-family residences other than residence homesteads for those purposes.), As Introduced No fiscal implication to the State is anticipated, other than the cost of publication. The cost to the state for publication of the resolution is $178,333. The joint resolution would propose an amendment to Section 1, Article VIII, of the Texas Constitution, to authorize the Legislature by general law to reduce the current limitation on the maximum appraised value of a residence homestead for property tax purposes from 110 percent of the preceding tax year's appraised value to 105 percent or a greater percentage and limit the appraised value of a single-family residence other than a residence homestead to the lesser of the most recent market value of the property or 110 percent.Adoption of the proposed constitutional amendment alone would have no fiscal impact on the state or units of local government other than the cost of publication. Any fiscal impact would depend on the corresponding enabling legislation (HB 2311).The cost to the state for publication of the resolution is $178,333.The proposed amendment would be submitted to voters at an election to be held November 2, 2021. Local Government ImpactNo fiscal implication to units of local government is anticipated. Source Agencies: b > td > 304 Comptroller of Public Accounts LBB Staff: b > td > JMc, KK, SD, BRI
LEGISLATIVE BUDGET BOARD
Austin, Texas
FISCAL NOTE, 87TH LEGISLATIVE REGULAR SESSION
April 18, 2021
TO: Honorable Morgan Meyer, Chair, House Committee on Ways & Means FROM: Jerry McGinty, Director, Legislative Budget Board IN RE: HJR108 by Krause (Proposing a constitutional amendment to authorize the legislature to establish a lower limit on the maximum appraised value of residence homesteads for ad valorem tax purposes and to establish a limit on the value of single-family residences other than residence homesteads for those purposes.), As Introduced
TO: Honorable Morgan Meyer, Chair, House Committee on Ways & Means
FROM: Jerry McGinty, Director, Legislative Budget Board
IN RE: HJR108 by Krause (Proposing a constitutional amendment to authorize the legislature to establish a lower limit on the maximum appraised value of residence homesteads for ad valorem tax purposes and to establish a limit on the value of single-family residences other than residence homesteads for those purposes.), As Introduced
Honorable Morgan Meyer, Chair, House Committee on Ways & Means
Honorable Morgan Meyer, Chair, House Committee on Ways & Means
Jerry McGinty, Director, Legislative Budget Board
Jerry McGinty, Director, Legislative Budget Board
HJR108 by Krause (Proposing a constitutional amendment to authorize the legislature to establish a lower limit on the maximum appraised value of residence homesteads for ad valorem tax purposes and to establish a limit on the value of single-family residences other than residence homesteads for those purposes.), As Introduced
HJR108 by Krause (Proposing a constitutional amendment to authorize the legislature to establish a lower limit on the maximum appraised value of residence homesteads for ad valorem tax purposes and to establish a limit on the value of single-family residences other than residence homesteads for those purposes.), As Introduced
No fiscal implication to the State is anticipated, other than the cost of publication. The cost to the state for publication of the resolution is $178,333.
No fiscal implication to the State is anticipated, other than the cost of publication. The cost to the state for publication of the resolution is $178,333.
The joint resolution would propose an amendment to Section 1, Article VIII, of the Texas Constitution, to authorize the Legislature by general law to reduce the current limitation on the maximum appraised value of a residence homestead for property tax purposes from 110 percent of the preceding tax year's appraised value to 105 percent or a greater percentage and limit the appraised value of a single-family residence other than a residence homestead to the lesser of the most recent market value of the property or 110 percent.Adoption of the proposed constitutional amendment alone would have no fiscal impact on the state or units of local government other than the cost of publication. Any fiscal impact would depend on the corresponding enabling legislation (HB 2311).The cost to the state for publication of the resolution is $178,333.The proposed amendment would be submitted to voters at an election to be held November 2, 2021.
Local Government Impact
No fiscal implication to units of local government is anticipated.
Source Agencies: b > td > 304 Comptroller of Public Accounts
304 Comptroller of Public Accounts
LBB Staff: b > td > JMc, KK, SD, BRI
JMc, KK, SD, BRI