Bill > SJR46

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 property tax purposes. Currently, property taxes are based on the appraised value of a property, which can fluctuate with market conditions. This amendment would give the legislature the power to pass a law that limits this annual increase to no more than 105 percent of the property's appraised value from the previous year, or its current market value, whichever is less. This limitation would apply to a property owner's residence homestead, meaning their primary home, and would take effect in the year after they acquire the property. The amendment also includes provisions for the limitation to continue if the property is transferred to a spouse or surviving spouse. This proposed change is being put to a vote of the people on November 5, 2019, to decide whether to authorize this cap on property value increases for tax calculations.