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Bill > HB3972
TX HB3972
TX HB3972Relating to the limitation on increases in the appraised value of a residence homestead for ad valorem taxation.
summary
Introduced
03/07/2023
03/07/2023
In Committee
03/20/2023
03/20/2023
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 taxation.
AI Summary
This bill amends the Texas Tax Code to lower the maximum allowable annual increase in the appraised value of a residential homestead property for ad valorem (property) tax purposes. Specifically, it reduces the cap on annual increases from 10% to 5% of the previous year's appraised value, plus the market value of any new improvements made to the property. The bill applies to tax years beginning on or after January 1, 2024, but only if Texas voters approve a related constitutional amendment authorizing the legislature to set a lower limit on the maximum appraised value of a residence homestead.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Referred to Ways & Means (on 03/20/2023)
bill text
bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://capitol.texas.gov/BillLookup/History.aspx?LegSess=88R&Bill=HB3972 |
| BillText | https://capitol.texas.gov/tlodocs/88R/billtext/html/HB03972I.htm |
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