Proposing a constitutional amendment to authorize the legislature to limit the maximum appraised value of real property for ad valorem tax purposes.
Impact
The amendment seeks to amend Section 1 of Article VIII of the Texas Constitution, fundamentally altering how appraised values are determined and capped for property tax purposes. By granting legislative authority to place limitations on property appraisals, this bill has implications for both homeowners and local governments which rely on property tax revenues for funding public services. Homeowners might benefit from a more predictable tax burden, while local governments could face budgetary challenges if property tax revenues decrease due to these limitations.
Summary
HJR45 proposes a constitutional amendment that would empower the Texas legislature to limit the maximum appraised value of real property for ad valorem tax purposes. This legislative move aims to control rising property taxes by allowing for caps on the appraised value, specifically suggesting a ceiling of 103.5 percent of the appraised value of the property from the previous tax year. This change is intended to provide property owners some relief from fluctuating market values that can lead to unpredictable increases in tax liabilities.
Contention
Debate over HJR45 is expected to focus on the balance between providing tax relief to property owners and maintaining adequate funding for local services. Proponents argue that restricting appraisal increases can stabilize property taxes, particularly for individuals on fixed incomes. Conversely, critics may highlight concerns regarding funding for public infrastructure and services, suggesting that such limitations could disproportionately affect local government budgets. Furthermore, discussions regarding the possible definition of 'real property' within the bill, including considerations for manufactured and mobile homes, might raise additional points of contention.
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 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 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 limit the maximum appraised value of commercial real property for ad valorem tax purposes.
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 set a lower limit on the maximum appraised value of a residence homestead for ad valorem taxation.