Bill > SB1086

This bill proposes to limit the increase in the appraised value of real property for ad valorem (property) tax purposes to no more than 5% per year, with some exceptions. It amends the Tax Code to apply this limitation to all real property, not just residence homesteads. The bill also provides specific rules for when the limitation takes effect and expires, and requires the chief appraiser to include both the market value and the limited appraised value in the appraisal records. The bill's provisions would take effect on January 1, 2020, but only if a related constitutional amendment is approved by Texas voters.