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A JOINT RESOLUTION
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proposing a constitutional amendment to authorize the legislature |
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to limit the maximum appraised value of real property for ad valorem |
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tax purposes. |
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BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 1(i), Article VIII, Texas Constitution, |
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is amended to read as follows: |
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(i) Notwithstanding Subsections (a) and (b) of this |
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section, the Legislature by general law may limit the maximum |
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appraised value of real property [a residence homestead] for ad |
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valorem tax purposes in a tax year to the lesser of the most recent |
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market value of the real property [residence homestead] as |
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determined by the appraisal entity or the greater of the highest |
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appraised value of the property for any tax year beginning with the |
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2018 tax year or 105 [110] percent, or a greater percentage, of the |
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appraised value of the real property [residence homestead] for the |
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preceding tax year. The Legislature by general law may provide for |
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a percentage of less than 105 percent but not less than 102 percent |
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of the appraised value of the real property for the preceding tax |
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year to be used in calculating the maximum appraised value of real |
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property for ad valorem tax purposes if the owner of the real |
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property discloses to the appraisal entity the price the owner paid |
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to purchase the real property. A limitation on appraised values |
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authorized by this subsection: |
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(1) takes effect in the tax year following the first |
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tax year in which the owner owns the property on January 1 or, if the |
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property qualifies for an exemption as the [to a] residence |
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homestead of the owner under Section 1-b of this article in the tax |
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year in which the owner acquires the property, in [on the later of
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the effective date of the law imposing the limitation or January 1
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of] the tax year following the [first] tax year in which the owner |
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acquires [qualifies] the property [for an exemption under Section
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1-b of this article]; and |
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(2) expires on January 1 of the [first] tax year |
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following the tax year in which [that neither] the owner of the |
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property when the limitation took effect ceases to own the |
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property, except that the Legislature by general law may provide |
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for the limitation applicable to a residence homestead to continue |
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during ownership of the property by [nor] the owner's spouse or |
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surviving spouse [qualifies for an exemption under Section 1-b of
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this article]. |
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SECTION 2. This proposed constitutional amendment shall be |
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submitted to the voters at an election to be held November 6, 2018. |
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The ballot shall be printed to permit voting for or against the |
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proposition: "The constitutional amendment to authorize the |
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legislature to limit the maximum appraised value of real property |
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for ad valorem tax purposes." |