Bill Text: TX SJR58 | 2019-2020 | 86th Legislature | Introduced
Bill Title: Proposing a constitutional amendment to authorize the legislature to permit the governing body of a political subdivision in a county in which home prices are appreciating rapidly to adopt a limitation on increases in the appraised value for purposes of ad valorem taxation by the political subdivision of residence homesteads in certain low-income areas.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2019-03-18 - Referred to Property Tax [SJR58 Detail]
Download: Texas-2019-SJR58-Introduced.html
| 86R12810 SMH-D | ||
| By: Zaffirini | S.J.R. No. 58 | |
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| proposing a constitutional amendment to authorize the legislature | ||
| to permit the governing body of a political subdivision in a county | ||
| in which home prices are appreciating rapidly to adopt a limitation | ||
| on increases in the appraised value for purposes of ad valorem | ||
| taxation by the political subdivision of residence homesteads in | ||
| certain low-income areas. | ||
| 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), (b), and (i) of this | ||
| section, the Legislature by general law may authorize the governing | ||
| body of a political subdivision all or part of which is located in a | ||
| county in which home prices are appreciating rapidly to limit the | ||
| maximum appraised value of a residence homestead in a low-income | ||
| area for purposes of ad valorem taxation by the political | ||
| subdivision of the residence homestead in a tax year to the lesser | ||
| of the most recent market value of the residence homestead as | ||
| determined by the appraisal entity or the amount computed by | ||
| adjusting the appraised value of the residence homestead for the | ||
| preceding tax year by the greater of the percentage set by the | ||
| governing body or the rate of increase in the sales price of | ||
| existing homes in this state. The maximum appraised value of a | ||
| residence homestead that is subject to a limitation on appraised | ||
| values authorized by this subsection and to a limitation authorized | ||
| by Subsection (i) of this section is equal to the lesser of the | ||
| amount authorized by this subsection and the amount authorized by | ||
| that subsection. A limitation on appraised values authorized by | ||
| this subsection: | ||
| (1) takes effect as to a residence homestead on the | ||
| later of the effective date of the limitation or January 1 of the | ||
| tax year following the first tax year in which the owner qualifies | ||
| the property for an exemption under Section 1-b of this article and | ||
| the residence homestead is located in a low-income area; and | ||
| (2) expires on January 1 of the first tax year in which | ||
| neither the owner of the property when the limitation took effect | ||
| nor the owner's spouse or surviving spouse qualifies for an | ||
| exemption under Section 1-b of this article or the residence | ||
| homestead ceases to be located in a low-income area. | ||
| SECTION 2. This proposed constitutional amendment shall be | ||
| submitted to the voters at an election to be held November 5, 2019. | ||
| The ballot shall be printed to permit voting for or against the | ||
| proposition: "The constitutional amendment to authorize the | ||
| legislature to permit the governing body of a political subdivision | ||
| in a county in which home prices are appreciating rapidly to adopt a | ||
| limitation on increases in the appraised value for purposes of ad | ||
| valorem taxation by the political subdivision of residence | ||
| homesteads in certain low-income areas." | ||
