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TX SB547
TX SB547Relating to the limitation on increases in the appraised value of a residence homestead for ad valorem tax purposes.
summary
Introduced
01/23/2023
01/23/2023
In Committee
02/17/2023
02/17/2023
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 tax purposes.
AI Summary
This bill amends the Texas Tax Code to limit the annual increase in the appraised value of a residence homestead for property tax purposes. Specifically, it caps the increase at the lesser of 10% of the previous year's appraised value or the inflation rate for the previous year, plus the value of any new improvements. The bill also requires the Texas Comptroller to determine and publish the annual inflation rate to be used for this calculation. The bill will only take effect if a related constitutional amendment is approved by Texas voters in 2023.
Committee Categories
Government Affairs
Sponsors (1)
Last Action
Referred to Local Government (on 02/17/2023)
Bill Topics
Macroeconomics
- ‐ Inflation, Prices, and Interest Rates
- ‐ Taxation, Tax Policy, and Tax Reform
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location | Created |
|---|---|---|
| State Bill Page | https://capitol.texas.gov/BillLookup/History.aspx?LegSess=88R&Bill=SB547 | 01/23/2023 |
| BillText | https://capitol.texas.gov/tlodocs/88R/billtext/html/SB00547I.htm | 01/23/2023 |
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