Bill Text: TX SJR48 | 2023-2024 | 88th Legislature | Introduced
Bill Title: Proposing a constitutional amendment to authorize the legislature to limit the maximum appraised value of commercial real property for ad valorem tax purposes.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2023-03-01 - Referred to Local Government [SJR48 Detail]
Download: Texas-2023-SJR48-Introduced.html
88R10005 RDS-D | ||
By: Creighton | S.J.R. No. 48 |
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proposing a constitutional amendment to authorize the legislature | ||
to limit the maximum appraised value of commercial real property | ||
for ad valorem tax purposes. | ||
BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. Section 1, Article VIII, Texas Constitution, is | ||
amended by adding Subsection (i-1) to read as follows: | ||
(i-1) Notwithstanding Subsections (a) and (b) of this | ||
section, the Legislature by general law may limit the maximum | ||
appraised value of a parcel of commercial real property for ad | ||
valorem tax purposes in a tax year to the lesser of the most recent | ||
market value of the property as determined by the appraisal entity | ||
or 105 percent, or a greater percentage, of the appraised value of | ||
the property for the preceding tax year. The Legislature by general | ||
law may define commercial real property for purposes of this | ||
section. A limitation on appraised values authorized by this | ||
subsection: | ||
(1) takes effect as to a parcel of commercial real | ||
property on the later of the effective date of the law imposing the | ||
limitation or January 1 of the tax year following the first tax year | ||
in which the owner owns the property on January 1 and in which the | ||
property meets the definition of commercial real property; and | ||
(2) expires on January 1 of the tax year following the | ||
first tax year in which the owner of the property ceases to own the | ||
property or the property no longer meets the definition of | ||
commercial real property. | ||
SECTION 2. This proposed constitutional amendment shall be | ||
submitted to the voters at an election to be held November 7, 2023. | ||
The ballot shall be printed to permit voting for or against the | ||
proposition: "The constitutional amendment to authorize the | ||
legislature to limit the maximum appraised value of commercial real | ||
property for ad valorem tax purposes to 105 percent or more of the | ||
appraised value of the property for the preceding tax year." |