88R10005 RDS-D
By: Creighton S.J.R. No. 48
A JOINT RESOLUTION
proposing a constitutional amendment to authorize the legislature
to limit the maximum appraised value of commercial real property
for ad valorem tax purposes.
BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 1, Article VIII, Texas Constitution, is
amended by adding Subsection (i-1) to read as follows:
(i-1) Notwithstanding Subsections (a) and (b) of this
section, the Legislature by general law may limit the maximum
appraised value of a parcel of commercial real property for ad
valorem tax purposes in a tax year to the lesser of the most recent
market value of the property as determined by the appraisal entity
or 105 percent, or a greater percentage, of the appraised value of
the property for the preceding tax year. The Legislature by general
law may define commercial real property for purposes of this
section. A limitation on appraised values authorized by this
subsection:
(1) takes effect as to a parcel of commercial real
property on the later of the effective date of the law imposing the
limitation or January 1 of the tax year following the first tax year
in which the owner owns the property on January 1 and in which the
property meets the definition of commercial real property; and
(2) expires on January 1 of the tax year following the
first tax year in which the owner of the property ceases to own the
property or the property no longer meets the definition of
commercial real property.
SECTION 2. This proposed constitutional amendment shall be
submitted to the voters at an election to be held November 7, 2023.
The ballot shall be printed to permit voting for or against the
proposition: "The constitutional amendment to authorize the
legislature to limit the maximum appraised value of commercial real
property for ad valorem tax purposes to 105 percent or more of the
appraised value of the property for the preceding tax year."