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TX HB1223
TX HB1223Relating to the limitation on increases in the appraised value of a residence homestead for ad valorem taxation.
summary
Introduced
01/09/2023
01/09/2023
In Committee
03/03/2023
03/03/2023
Crossed Over
Passed
Dead
05/29/2023
05/29/2023
Introduced Session
88th Legislature Regular Session
Bill Summary
Relating to the limitation on increases in the appraised value of a residence homestead for ad valorem taxation.
AI Summary
This bill amends the Texas Tax Code to reduce the maximum annual increase in the appraised value of a residence homestead for ad valorem (property) taxation purposes from 10% to 5% of the previous year's appraised value, plus the value of any new improvements. The bill specifies that this change only applies to tax years beginning on or after January 1, 2024, and is contingent on voters approving a related constitutional amendment during the 2023 legislative session. The goal of this bill is to limit the growth of residence homestead property taxes by capping the annual increase in appraised value.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Referred to Ways & Means (on 03/03/2023)
bill text
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://capitol.texas.gov/BillLookup/History.aspx?LegSess=88R&Bill=HB1223 |
| BillText | https://capitol.texas.gov/tlodocs/88R/billtext/html/HB01223I.htm |
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