Bill > HB96

This bill amends the Texas Tax Code to limit the increase in the appraised value of a residence homestead for ad valorem (property) tax purposes. The key provisions are: 1. The appraised value of a residence homestead is set equal to the market value of the property for the first year the owner qualified for a homestead exemption, or the purchase price if the owner acquired the property as a bona fide purchaser for value. 2. The limitation on appraised value increases does not apply in certain cases, such as purchases pursuant to a court order, from a trustee in bankruptcy, between co-owners, or from a governmental entity. 3. The bill requires the owner to apply for the limitation on appraised value, and the application is confidential, with limited exceptions for disclosure. 4. The bill provides that the limitation on appraised value does not expire if the property is inherited or transferred under a will, as long as the new owner qualifies for the homestead exemption. 5. The bill's effectiveness is contingent on the approval of a related constitutional amendment by Texas voters.