Bill > HJR131

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 the purpose of calculating property taxes. Currently, property taxes are based on the market value of a property, but this amendment would give the legislature the power to set a limit, such as allowing the appraised value to increase by no more than 110 percent (or a higher percentage set by law) of its value from the previous year, even if the market value has risen more significantly. This limitation would apply to properties that are the owner's residence homestead, meaning their primary home, and would take effect in the year after the property is acquired or qualifies for the homestead exemption, and would generally expire if the owner sells the property, though provisions could allow it to continue for a surviving spouse. The proposed amendment is to be voted on by the public in an election on November 2, 2021.