Bill > HJR57

This Joint Resolution proposes a constitutional amendment to allow the Texas Legislature to establish a lower cap on how much the appraised value of a home (a "residence homestead") can increase each year for property tax purposes. Currently, the law allows this appraised value to increase by up to 10% annually, but this resolution would permit the legislature to set that limit lower, specifically mentioning a potential cap of 3.5% above the previous year's appraised value, or the most recent market value, whichever is less. This change would apply to homes that qualify for a homestead exemption, which is a tax break for primary residences, and would remain in effect as long as the owner or their spouse continues to qualify for that exemption. If approved, this proposed amendment would be put to a vote of the people on November 7, 2023.