87R9802 SMH-D
By: Allison H.J.R. No. 118
A JOINT RESOLUTION
proposing a constitutional amendment authorizing the legislature
to provide for the appraisal of real property for ad valorem tax
purposes based on its purchase price.
BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 1, Article VIII, Texas Constitution, is
amended by adding Subsection (k) to read as follows:
(k) Notwithstanding Subsections (a), (b), and (i) of this
section, for each tax year following the year in which the property
was purchased until the end of the tax year in which the ownership
of the property changes, the legislature by general law may limit
the maximum appraised value of real property for ad valorem tax
purposes to the lesser of the market value of the property as
determined by the appraisal entity or the sum of the amount the
owner of the property paid for the property and the initial market
value of each new improvement to the property. The applicability of
a general law enacted under this subsection must be limited to a
bona fide purchaser for value of a property who, in the manner
provided by law, applies for the limitation on appraised value
under this subsection not later than a date prescribed by general
law in the tax year following the year in which the person purchased
the property. The maximum appraised value of a residence homestead
that is subject to a limitation on appraised value authorized by
this subsection and to a limitation authorized by Subsection (i) of
this section is equal to the lesser of the amount authorized by this
subsection or the amount authorized by that subsection. The
legislature may prescribe or delegate to an appropriate public
official or entity the authority to prescribe standards and
procedures to administer a law enacted under this subsection,
including criteria to be used to determine whether a person was a
bona fide purchaser for value.
SECTION 2. This proposed constitutional amendment shall be
submitted to the voters at an election to be held November 2, 2021.
The ballot shall be printed to permit voting for or against the
proposition: "The constitutional amendment authorizing the
legislature to provide for the appraisal of real property for ad
valorem tax purposes based on its purchase price."