Bill > HJR50

This Joint Resolution proposes a constitutional amendment in Texas 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, also known as ad valorem taxes. Currently, property taxes are based on the market value of the property, but this amendment would give the legislature the power to limit this increase to no more than 110 percent (or potentially a higher percentage set by law) of the property's appraised value from the previous year, in addition to the current market value. This limitation would apply to a residence homestead, which is a primary residence that qualifies for a homestead exemption, and would take effect in the year after the property is acquired or qualifies for the homestead exemption. The limitation would generally expire if the owner stops owning the property, but the legislature could allow it to continue for a surviving spouse. This proposed amendment is to be voted on by the public on November 5, 2019.