Bill > HJR95

This Joint Resolution proposes a constitutional amendment that would allow the state legislature to set a lower limit on how much a person's primary residence, known as a residence homestead, can be valued for property tax purposes each year. Currently, the law allows for a cap on the increase of a home's appraised value (its estimated worth for tax purposes) to 105% of the previous year's value, or 110% if the home is new, but this amendment would give the legislature the power to establish an even lower percentage, potentially reducing property tax increases for homeowners. This change would take effect for a specific home after the owner qualifies for a homestead exemption and would remain in place as long as the owner or their spouse continues to live there and qualify for the exemption. The proposed amendment will be put to a vote by the public on November 7, 2023.