Proposing a constitutional amendment to authorize the legislature to provide for a limitation on the maximum appraised value for ad valorem tax purposes of residential real property leased to an elderly person.
Impact
If adopted, this constitutional amendment would directly affect the taxation framework for residential properties rented by elderly individuals. It would create a legal basis for setting a cap on property taxes, potentially mitigating the financial burden faced by these tenants, who frequently rely on fixed incomes. The amendment could lead to broader economic implications by making it financially feasible for more senior citizens to remain in their homes, thereby maintaining stability within communities that include a significant elderly population.
Summary
HJR147 proposes a constitutional amendment to empower the Texas legislature to impose limits on the maximum appraised value for ad valorem tax purposes of residential real property leased to elderly individuals, specifically those aged 65 years or older. Under this amendment, the legislature would have the authority to limit this maximum appraised value to either the current market value of the property determined by appraisal entities or a specified percentage (at least 110%) of its appraised value from the previous year. This aims to provide financial relief to elderly tenants who are often vulnerable to rising housing costs.
Contention
The bill's focus on taxing residential properties specifically for elderly tenants may lead to discussions about fairness and equity in tax policy. While proponents may argue that it is a necessary step to support vulnerable senior citizens, critics might raise concerns regarding its implications for local government revenue, especially if a substantial portion of housing is rented to elderly persons. The discussions around setting eligibility criteria and determining fair market rent could also spark debates, as such parameters would significantly influence the effectiveness and reach of the proposed tax limitations.
Enabled by
Relating to a limitation on increases in the appraised value for ad valorem tax purposes of residential real property leased to an elderly person.
Proposing a constitutional amendment to authorize the legislature to limit the maximum appraised value of certain commercial real property for ad valorem tax purposes.
Proposing a constitutional amendment to authorize the legislature to limit the maximum appraised value of real property for ad valorem tax purposes to 105 percent or more of the appraised value of the property for the preceding tax year.
Proposing a constitutional amendment to authorize the legislature to limit the maximum appraised value of real property for ad valorem tax purposes to 103.5 percent or more of the appraised value of the property for the preceding tax year.
Proposing a constitutional amendment to authorize the legislature to limit the maximum appraised value of commercial real property for ad valorem tax purposes.
Proposing a constitutional amendment to authorize the legislature to establish a limit on the maximum appraised value of real property other than a residence homestead for ad valorem tax purposes.
Proposing a constitutional amendment to authorize the legislature to establish a limit on the maximum appraised value of real property other than a residence homestead for ad valorem tax purposes.
Proposing a constitutional amendment to authorize the legislature to provide for limitations on the appraised value of certain real property in specified areas for ad valorem tax purposes.