| 1 | 1 | | 89R14558 LHC-D |
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| 2 | 2 | | By: Bhojani H.J.R. No. 147 |
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| 4 | 4 | | |
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| 7 | 7 | | A JOINT RESOLUTION |
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| 8 | 8 | | proposing a constitutional amendment to authorize the legislature |
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| 9 | 9 | | to provide for a limitation on the maximum appraised value for ad |
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| 10 | 10 | | valorem tax purposes of residential real property leased to an |
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| 11 | 11 | | elderly person. |
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| 12 | 12 | | BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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| 13 | 13 | | SECTION 1. Section 1, Article VIII, Texas Constitution, is |
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| 14 | 14 | | amended by adding Subsection (k) to read as follows: |
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| 15 | 15 | | (k) This subsection applies only to real property that is a |
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| 16 | 16 | | single-family residential property leased to a lessee who is 65 |
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| 17 | 17 | | years of age or older and used by the lessee as a primary residence |
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| 18 | 18 | | and that is leased to the lessee for a rent that does not exceed the |
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| 19 | 19 | | fair market rent. Notwithstanding Subsections (a) and (b) of this |
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| 20 | 20 | | section, the Legislature by general law may limit the maximum |
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| 21 | 21 | | appraised value of such property for ad valorem tax purposes in a |
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| 22 | 22 | | tax year to the lesser of the most recent market value of the |
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| 23 | 23 | | property as determined by the appraisal entity or 110 percent, or a |
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| 24 | 24 | | greater percentage, of the appraised value of the property for the |
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| 25 | 25 | | preceding tax year. The general law enacted under this subsection |
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| 26 | 26 | | may prescribe additional eligibility requirements for the |
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| 27 | 27 | | limitation on appraised values authorized by this subsection. A |
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| 28 | 28 | | limitation on appraised values authorized by this subsection: |
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| 29 | 29 | | (1) takes effect as to real property described by this |
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| 30 | 30 | | subsection on the later of the effective date of the law imposing |
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| 31 | 31 | | the limitation or January 1 of the tax year following the first tax |
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| 32 | 32 | | year in which the owner of the property leases the property to a |
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| 33 | 33 | | lessee and for an amount described by this subsection; and |
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| 34 | 34 | | (2) expires on January 1 of the tax year following the |
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| 35 | 35 | | first tax year in which the owner of the property ceases to lease |
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| 36 | 36 | | the property to a lessee or for an amount described by this |
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| 37 | 37 | | subsection. |
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| 38 | 38 | | SECTION 2. This proposed constitutional amendment shall be |
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| 39 | 39 | | submitted to the voters at an election to be held November 4, 2025. |
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| 40 | 40 | | The ballot shall be printed to permit voting for or against the |
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| 41 | 41 | | proposition: "The constitutional amendment to authorize the |
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| 42 | 42 | | legislature to limit the maximum appraised value for ad valorem tax |
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| 43 | 43 | | purposes of residential real property leased to an elderly person |
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| 44 | 44 | | to 110 percent or more of the appraised value of the property for |
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| 45 | 45 | | the preceding tax year." |
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