Bill > SJR34

This Joint Resolution proposes a constitutional amendment that would allow the state legislature to establish a cap on how much the appraised value of a person's primary residence, known as a "residence homestead," can increase each year for property tax purposes. Currently, the law limits annual increases to 10% of the previous year's appraised value, or the most recent market value, whichever is less. This amendment would give the legislature the power to set this limit even lower, potentially by tying it to the inflation rate for the preceding tax year, which could help homeowners by limiting the growth of their property tax bills. This new limitation would apply to a homestead once the owner qualifies for a homestead exemption and would remain in effect as long as the owner, their spouse, or surviving spouse continues to qualify for that exemption. The proposed amendment is scheduled to be voted on by the public in an election on November 7, 2023.