SJR23 - Proposing a constitutional amendment to authorize the legislature to set a lower limit on the maximum appraised value of real property other than a residence homestead for ad valorem tax purposes and to postpone the expiration of the limit.

  89R2998 DRS-D     By: Kolkhorst S.J.R. No. 23       A JOINT RESOLUTION   proposing a constitutional amendment to authorize the legislature   to set a lower limit on the maximum appraised value of real property   other than a residence homestead for ad valorem tax purposes and to   postpone the expiration of the limit.          BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:          SECTION 1.  Sections 1(n) and (n-1), Article VIII, Texas   Constitution, are amended to read as follows:          (n)  This subsection does not apply to a residence homestead   to which Subsection (i) of this section applies.  Notwithstanding   Subsections (a) and (b) of this section, the Legislature by general   law may limit the maximum appraised value of real 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 [ 120 ] 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 a parcel of 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 owns the property on   January 1; and                (2)  expires on January 1 of the tax year following the   tax year in which the owner of the property ceases to own the   property.          (n-1)  This subsection and Subsection (n) of this section   expire December 31, 2031 [ 2026 ].          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 set a lower limit on the maximum appraised value of   real property other than a residence homestead for ad valorem tax   purposes and to postpone the expiration of the limit."