Bill > HJR73

This Joint Resolution proposes a constitutional amendment that would allow the state legislature to set a lower limit on how much the appraised value of a home, known as a residence homestead, can increase each year for property tax purposes. Currently, the law allows for a maximum increase of 10% of the previous year's appraised value, but this resolution would change that to allow the legislature to set an even lower percentage, specifically mentioning 105% (or 5% increase) as a potential new limit, though it could be set lower. This change would apply to homes that qualify for a homestead exemption, which is a tax break for primary residences, and would take effect on January 1st of the year after the owner qualifies for the exemption or when the law takes effect, whichever is later, and would end when the owner or their spouse no longer qualifies for the exemption. The proposed amendment will be put to a vote by the public on November 7, 2023.