Bill > SJR47

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 used as a primary residence (a "residence homestead") can increase each year for property tax purposes. Currently, the law allows for increases of up to 10% annually, but this amendment would give the legislature the power to reduce that cap, for example, to 5% (represented by "105 percent" of the previous year's value, meaning a maximum increase of 5%). This change would apply to homes that qualify for a homestead exemption, which is a tax break for primary residences, and would take effect for a specific home once the owner qualifies for the exemption and would expire when the original owner or their spouse no longer lives in the home and qualifies for the exemption. The proposed amendment will be put to a vote of the people on November 7, 2023.