| 1 | 1 | | By: Tepper H.J.R. No. 8 |
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| 2 | 2 | | |
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| 3 | 3 | | |
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| 4 | 4 | | A JOINT RESOLUTION |
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| 5 | 5 | | proposing a constitutional amendment to authorize the legislature |
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| 6 | 6 | | to limit the maximum appraised value of commercial property and |
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| 7 | 7 | | rental property for ad valorem taxation. |
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| 8 | 8 | | BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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| 9 | 9 | | SECTION 1. Section 1, Article VIII, Texas Constitution, is |
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| 10 | 10 | | amended to read as follows: |
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| 11 | 11 | | Sec. 1. EQUALITY AND UNIFORMITY OF TAXATION; TAXATION OF |
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| 12 | 12 | | PROPERTY IN PROPORTION TO VALUE; OCCUPATION AND INCOME TAXES; |
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| 13 | 13 | | EXEMPTION OF CERTAIN TANGIBLE PERSONAL PROPERTY AND SMALL MINERAL |
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| 14 | 14 | | INTERESTS FROM AD VALOREM TAXATION; VALUATION OF RESIDENCE |
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| 15 | 15 | | HOMESTEADS FOR TAX PURPOSES; VALUATION OF COMMERCIAL AND RENTAL |
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| 16 | 16 | | PROPERTY FOR TAX PURPOSES. |
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| 17 | 17 | | (k) Notwithstanding Subsections (a) and (b) of this |
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| 18 | 18 | | section, the Legislature by general law may limit the maximum |
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| 19 | 19 | | appraised value of a commercial property or rental property for ad |
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| 20 | 20 | | valorem tax purposes in a tax year to the lesser of the most recent |
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| 21 | 21 | | market value of the property as determined by the appraisal entity |
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| 22 | 22 | | or 108 percent, or a greater percentage, of the appraised value of |
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| 23 | 23 | | the property for the preceding tax year. A limitation on appraised |
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| 24 | 24 | | values authorized by this subsection: |
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| 25 | 25 | | (1) takes effect as to a commercial property or rental |
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| 26 | 26 | | property on the later of the effective date of the law imposing the |
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| 27 | 27 | | limitation or January 1 of the tax year following the first tax year |
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| 28 | 28 | | the owner qualifies the property for an exemption under Section 1-b |
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| 29 | 29 | | of this article; and |
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| 30 | 30 | | (2) expires on January 1 of the first tax year that |
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| 31 | 31 | | neither the owner of the property when the limitation took effect |
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| 32 | 32 | | nor the owner's spouse or surviving spouse qualifies for an |
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| 33 | 33 | | exemption under Section 1-b of this article. |
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| 34 | 34 | | SECTION 2. This proposed constitutional amendment shall be |
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| 35 | 35 | | submitted to the voters at an election to be held November 7, 2023. |
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| 36 | 36 | | The ballot shall be printed to permit voting for or against the |
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| 37 | 37 | | proposition: "The constitutional amendment to authorize the |
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| 38 | 38 | | legislature to limit the maximum appraised value of commercial |
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| 39 | 39 | | property and rental property for ad valorem taxation." |
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