Bill > HB299

This bill modifies Texas property tax appraisal rules for residence homesteads, introducing significant changes to how homes are initially valued and how their appraised value can increase over time. Under the new provisions, when a homeowner first qualifies for a homestead exemption, the property's appraised value will be set at its market value, with subsequent annual increases limited. For homeowners who purchase their property as bona fide buyers, the purchase price will be considered the market value for the first tax year of exemption. Homeowners must apply for this value limitation, and their application will be kept confidential, with specific rules about when and how such information can be disclosed. The bill also preserves the value limitation if the property is inherited or transferred through a will, as long as the new owner qualifies for a homestead exemption. Importantly, these changes will only take effect on January 1, 2027, and are contingent upon voters approving a related constitutional amendment that authorizes these specific property tax appraisal modifications. The bill aims to provide more predictability and potentially lower tax burdens for homeowners by constraining how quickly a home's taxable value can increase.

https://capitol.texas.gov/BillLookup/History.aspx?LegSess=892&Bill=HB299