Bill > HJR47

This Joint Resolution proposes an amendment to the Texas Constitution that would allow the state legislature to cap how much the appraised value of real property can increase each year for the purpose of calculating property taxes, known as ad valorem taxes. Currently, property values can be appraised at their market value or a percentage of the previous year's value, but this amendment would give the legislature the power to set a maximum limit, such as 105 percent of the prior year's appraised value, or the most recent market value, whichever is less. This limitation would generally take effect the year after a property owner acquires the property, and it would expire if the owner no longer owns the property, although the legislature could allow it to continue for a surviving spouse. The proposed amendment is scheduled to be presented to voters for approval on November 5, 2019.