Bill > HB3317

This bill relates to a limitation on increases in the appraised value of real property for ad valorem (property) tax purposes. It amends the Tax Code to cap the annual increase in the appraised value of real property, other than a residence homestead, at 10% of the previous year's appraised value, plus the market value of any new improvements. The bill also specifies when the limitation takes effect and expires, including provisions for transferring ownership to a spouse or surviving spouse. The bill requires the Comptroller to make certain adjustments when determining the taxable value of property for school district funding purposes. The bill would only take effect if a related constitutional amendment is approved by Texas voters.