Bill > HJR55

This Joint Resolution proposes a constitutional amendment to allow the state legislature to set limits on how much the appraised value of certain properties can increase each year for property tax purposes. Specifically, it would permit the legislature to establish a lower limit on the maximum appraised value of "residence homesteads" – which are primary residences where the owner lives – for "ad valorem tax purposes," meaning taxes based on the value of property. The amendment also proposes a limit on the appraised value of single-family residences that are not primary residences. The proposed amendment would allow the legislature to cap the annual increase in appraised value for a residence homestead to 105% (or more) of its value from the previous year, and for other single-family residences to 110% (or more) of their previous year's value, with specific rules for when these limits take effect and expire.