Bill > SJR18

This Joint Resolution proposes a constitutional amendment that would allow the state legislature to set a lower limit on how much a person's primary home, known as a "residence homestead," can be valued for property tax purposes each year. Currently, the law allows the appraised value to increase by up to 10% annually, but this amendment would give the legislature the power to reduce that cap, for example, to 5% (indicated by the "105" in the text, replacing the previous "110"). This change would apply to a home once the owner qualifies for a homestead exemption, and it would remain in effect as long as the owner or their spouse continues to live there and qualify for the exemption. If approved by voters, this amendment would be put to a vote on November 7, 2023.