Bill > HJR8

This Joint Resolution proposes a constitutional amendment that would allow the Texas Legislature to set a limit on how much a home's appraised value can increase each year for property tax purposes. Specifically, it would enable the legislature to provide that the appraised value of a residence homestead (a primary home) for ad valorem tax purposes (taxes based on property value) is capped at either the property's market value in the first year the owner qualified for a homestead exemption (a tax break for primary residences) or, if the owner recently purchased the home, the purchase price. This proposed change aims to stabilize property tax bills by preventing rapid increases in appraised values, especially after a home is purchased or when an owner first qualifies for a homestead exemption.