| 1 | 1 | | 89R2998 DRS-D |
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| 2 | 2 | | By: Kolkhorst S.J.R. No. 23 |
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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 set a lower limit on the maximum appraised value of real property |
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| 10 | 10 | | other than a residence homestead for ad valorem tax purposes and to |
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| 11 | 11 | | postpone the expiration of the limit. |
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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. Sections 1(n) and (n-1), Article VIII, Texas |
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| 14 | 14 | | Constitution, are amended to read as follows: |
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| 15 | 15 | | (n) This subsection does not apply to a residence homestead |
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| 16 | 16 | | to which Subsection (i) of this section applies. Notwithstanding |
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| 17 | 17 | | Subsections (a) and (b) of this section, the Legislature by general |
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| 18 | 18 | | law may limit the maximum appraised value of real property for ad |
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| 19 | 19 | | valorem tax purposes in a tax year to the lesser of the most recent |
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| 20 | 20 | | market value of the property as determined by the appraisal entity |
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| 21 | 21 | | or 110 [120] percent, or a greater percentage, of the appraised |
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| 22 | 22 | | value of the property for the preceding tax year. The general law |
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| 23 | 23 | | enacted under this subsection may prescribe additional eligibility |
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| 24 | 24 | | requirements for the limitation on appraised values authorized by |
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| 25 | 25 | | this subsection. A limitation on appraised values authorized by |
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| 26 | 26 | | this subsection: |
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| 27 | 27 | | (1) takes effect as to a parcel of real property |
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| 28 | 28 | | described by this subsection on the later of the effective date of |
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| 29 | 29 | | the law imposing the limitation or January 1 of the tax year |
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| 30 | 30 | | following the first tax year in which the owner owns the property on |
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| 31 | 31 | | January 1; and |
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| 32 | 32 | | (2) expires on January 1 of the tax year following the |
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| 33 | 33 | | tax year in which the owner of the property ceases to own the |
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| 34 | 34 | | property. |
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| 35 | 35 | | (n-1) This subsection and Subsection (n) of this section |
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| 36 | 36 | | expire December 31, 2031 [2026]. |
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| 37 | 37 | | SECTION 2. This proposed constitutional amendment shall be |
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| 38 | 38 | | submitted to the voters at an election to be held November 4, 2025. |
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| 39 | 39 | | The ballot shall be printed to permit voting for or against the |
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| 40 | 40 | | proposition: "The constitutional amendment to authorize the |
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| 41 | 41 | | legislature to set a lower limit on the maximum appraised value of |
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| 42 | 42 | | real property other than a residence homestead for ad valorem tax |
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| 43 | 43 | | purposes and to postpone the expiration of the limit." |
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