Texas 2025 - 89th Regular

Texas House Bill HJR74 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1	By: Toth H.J.R. No. 74
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6	6	A JOINT RESOLUTION
7	7	proposing a constitutional amendment authorizing the legislature
8	8	to provide that the appraised value of a residence homestead for ad
9	9	valorem tax purposes for the first tax year that the owner of the
10	10	property qualifies the property for a residence homestead exemption
11	11	is the market value of the property and that, if the owner purchased
12	12	the property, the purchase price of the property is considered to be
13	13	the market value of the property for that tax year and to limit
14	14	increases in the appraised value of the homestead for subsequent
15	15	tax years based on the inflation rate.
16	16	BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:
17	17	SECTION 1. Section 1, Article VIII, Texas Constitution, is
18	18	amended by amending Subsection (i) and adding Subsections (i-1) and
19	19	(i-2) to read as follows:
20	20	(i) The legislature by general law may provide that the
21	21	appraised value of a residence homestead for ad valorem tax
22	22	purposes for the first tax year that the owner qualifies the
23	23	property for an exemption under Section 1-b of this article is the
24	24	market value of the property and that, if the owner acquired the
25	25	property as a bona fide purchaser for value, the purchase price of
26	26	the property paid by the owner is considered to be the market value
27	27	of the property for that tax year. Notwithstanding Subsections (a)
28	28	and (b) of this section, a general law enacted under this subsection
29	29	may provide that the appraised value of the property for each
30	30	subsequent tax year until the tax year in which the limitation
31	31	authorized by the general law expires is equal to the appraised
32	32	value of the property for ad valorem tax purposes for the preceding
33	33	tax year as adjusted by the appraisal entity for the current tax
34	34	year to reflect any positive change from the preceding tax year in
35	35	the purchasing power of the dollar for consumers in this state
36	36	[Notwithstanding Subsections (a) and (b) of this section, the
37	37	Legislature by general law may limit the maximum appraised value of
38	38	a residence homestead for ad valorem tax purposes in a tax year to
39	39	the lesser of the most recent market value of the residence
40	40	homestead as determined by the appraisal entity or 110 percent, or a
41	41	greater percentage, of the appraised value of the residence
42	42	homestead for the preceding tax year]. A limitation on appraised
43	43	values authorized by this subsection:
44	44	(1) takes effect as to a residence homestead on the
45	45	later of the effective date of the law imposing the limitation or
46	46	January 1 of the first tax year [following the first tax year] the
47	47	owner qualifies the property for an exemption under Section 1-b of
48	48	this article; and
49	49	(2) expires on January 1 of the first tax year that
50	50	neither the owner of the property when the limitation took effect
51	51	nor the owner's spouse or surviving spouse qualifies for an
52	52	exemption under Section 1-b of this article, except that a
53	53	limitation established under this subsection does not expire if a
54	54	change in ownership of the property occurs by inheritance or under a
55	55	will as long as the person who acquires the property qualifies for
56	56	an exemption under Section 1-b of this article.
57	57	(i-1) A general law enacted under Subsection (i) of this
58	58	section may provide that, for each tax year, using the index that
59	59	the comptroller of public accounts considers to most accurately
60	60	report changes in the purchasing power of the dollar for consumers
61	61	in this state, the comptroller shall determine and publicize the
62	62	percentage by which the appraised value of residence homesteads in
63	63	this state may be increased under Subsection (i) of this section.
64	64	Each appraisal entity shall use the percentage determined by the
65	65	comptroller under this subsection to determine the appraised value
66	66	under Subsection (i) of this section of residence homesteads
67	67	appraised by that appraisal entity.
68	68	(i-2) A general law enacted under Subsection (i) of this
69	69	section may provide that if the first tax year an owner of real
70	70	property qualified the property for an exemption under Section 1-b
71	71	of this article was a tax year before the tax year in which the
72	72	general law took effect:
73	73	(1) the property owner is considered to have qualified
74	74	the property for the exemption for the first time in the tax year
75	75	preceding the tax year in which the general law took effect; and
76	76	(2) the appraised value of the property as shown on the
77	77	appraisal roll of the appraisal entity for the tax year preceding
78	78	the tax year in which the general law took effect is considered to
79	79	be the market value of the property for that tax year for purposes
80	80	of Subsection (i) of this section.
81	81	SECTION 2. This proposed constitutional amendment shall be
82	82	submitted to the voters at an election to be held November 4, 2025.
83	83	The ballot shall be printed to permit voting for or against the
84	84	proposition: "The constitutional amendment authorizing the
85	85	legislature to provide that the appraised value of a residence
86	86	homestead for ad valorem tax purposes for the first tax year that
87	87	the owner of the property qualifies the property for a residence
88	88	homestead exemption is the market value of the property and that, if
89	89	the owner purchased the property, the purchase price of the
90	90	property is considered to be the market value of the property for
91	91	that tax year and to limit increases in the appraised value of the
92	92	homestead for subsequent tax years based on the inflation rate."