| 1 | 1 | | 88R4574 DRS-D |
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| 2 | 2 | | By: Blanco S.J.R. No. 34 |
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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 to authorize the legislature |
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| 7 | 7 | | to set a lower limit on the maximum appraised value of a residence |
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| 8 | 8 | | homestead for ad valorem tax purposes. |
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| 9 | 9 | | BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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| 10 | 10 | | SECTION 1. Section 1, Article VIII, Texas Constitution, is |
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| 11 | 11 | | amended by amending Subsection (i) and adding Subsection (i-1) to |
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| 12 | 12 | | read as follows: |
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| 13 | 13 | | (i) Notwithstanding Subsections (a) and (b) of this |
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| 14 | 14 | | section, the Legislature by general law may limit the maximum |
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| 15 | 15 | | appraised value of a residence homestead for ad valorem tax |
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| 16 | 16 | | purposes in a tax year to the lesser of: |
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| 17 | 17 | | (1) the most recent market value of the residence |
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| 18 | 18 | | homestead as determined by the appraisal entity; or |
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| 19 | 19 | | (2) the lesser of 110 percent[,] or a percentage equal |
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| 20 | 20 | | to the sum of 100 and the inflation rate for the preceding tax year |
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| 21 | 21 | | as determined by general law [a greater percentage,] of the |
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| 22 | 22 | | appraised value of the residence homestead for the preceding tax |
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| 23 | 23 | | year. |
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| 24 | 24 | | (i-1) A limitation on appraised values authorized by |
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| 25 | 25 | | Subsection (i) of this section [this subsection]: |
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| 26 | 26 | | (1) takes effect as to a residence homestead on the |
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| 27 | 27 | | later of the effective date of the law imposing the limitation or |
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| 28 | 28 | | January 1 of the tax year following the first tax year the owner |
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| 29 | 29 | | qualifies the property for an exemption under Section 1-b of this |
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| 30 | 30 | | article; and |
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| 31 | 31 | | (2) expires on January 1 of the first tax year that |
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| 32 | 32 | | neither the owner of the property when the limitation took effect |
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| 33 | 33 | | nor the owner's spouse or surviving spouse qualifies for an |
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| 34 | 34 | | exemption under Section 1-b of this article. |
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| 35 | 35 | | SECTION 2. This proposed constitutional amendment shall be |
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| 36 | 36 | | submitted to the voters at an election to be held November 7, 2023. |
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| 37 | 37 | | The ballot shall be printed to permit voting for or against the |
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| 38 | 38 | | proposition: "The constitutional amendment to authorize the |
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| 39 | 39 | | legislature to set a lower limit on the maximum appraised value of a |
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| 40 | 40 | | residence homestead for ad valorem tax purposes." |
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