| |
| |
|
|
A JOINT RESOLUTION
|
|
|
proposing a constitutional amendment to authorize the legislature |
|
|
to provide for a limitation on the maximum appraised value for ad |
|
|
valorem tax purposes of certain leased residential real property. |
|
|
BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
|
|
SECTION 1. Section 1, Article VIII, Texas Constitution, is |
|
|
amended by adding Subsection (k) to read as follows: |
|
|
(k) This subsection applies only to real property that is a |
|
|
single-family residential property leased to a lessee and used by |
|
|
the lessee as a primary residence and that is leased to the lessee |
|
|
for a rent that does not exceed the fair market |
|
|
rent. Notwithstanding Subsections (a) and (b) of this section, the |
|
|
Legislature by general law may limit the maximum appraised value of |
|
|
such 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 110 percent, or a greater percentage, of |
|
|
the appraised value of the property for the preceding tax year. The |
|
|
general law enacted under this subsection may prescribe additional |
|
|
eligibility requirements for the limitation on appraised values |
|
|
authorized by this subsection. A limitation on appraised values |
|
|
authorized by this subsection: |
|
|
(1) takes effect as to real property described by this |
|
|
subsection 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 of the property leases the property for an |
|
|
amount described by this subsection; and |
|
|
(2) expires on January 1 of the tax year following the |
|
|
first tax year in which the owner of the property ceases to lease |
|
|
the property for an amount described by this subsection. |
|
|
SECTION 2. This proposed constitutional amendment shall be |
|
|
submitted to the voters at an election to be held November 4, 2025. |
|
|
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 for ad valorem tax |
|
|
purposes of certain leased residential real property to 110 percent |
|
|
or more of the appraised value of the property for the preceding tax |
|
|
year." |