TX HB1898

Extends the existing 10% annual appraisal cap on residence homesteads to all real property in Texas, reducing the cap to 5% per year for property tax purposes

Applies the limitation beginning January 1 of the tax year following the first year an owner owns the property, with the cap expiring when ownership transfers (with exceptions for spousal transfers on homesteads)

Treats property acquired before 2025 that is not already a residence homestead as if acquired on January 1, 2025 for purposes of calculating the appraisal limitation

For non-homestead property owned by multiple persons, the limitation expires when at least 50% ownership interest is sold or transferred

Repeals the existing "circuit breaker" limitation provisions from S.B. 2 (2023) and takes effect January 1, 2026, contingent on voter approval of a related constitutional amendment