HJR147 - Proposing a constitutional amendment to authorize the legislature to provide for a limitation on the maximum appraised value for ad valorem tax purposes of residential real property leased to an elderly person.

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