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TX HJR173
Joint Resolution
Status
3/7/2025
Primary Sponsor
Cody Vasut
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AI Summary
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Authorizes the legislature to set a property's initial appraised value for ad valorem taxes at market value for the first tax year of ownership, with the purchase price considered market value for bona fide purchases
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Limits annual increases in appraised value for subsequent tax years to the inflation rate, based on changes in consumer purchasing power as determined by the Comptroller of Public Accounts
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Appraisal limitation expires when the owner sells or transfers the property, except for transfers to a spouse, surviving spouse, or inheritance if the new owner qualifies for a homestead exemption
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Applies to existing property owners by treating them as having acquired their property on January 1 of the year before the law takes effect, using that year's appraised value as the baseline
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Repeals existing constitutional provisions (Sections 1(n) and (n-1), Article VIII) effective January 1, 2026, and submits the amendment to voters on November 4, 2025
Legislative Description
Proposing a constitutional amendment authorizing the legislature to provide that the appraised value of a parcel of real property for ad valorem tax purposes for the first tax year in which the owner owns the property on January 1 is the market value of the property and that, if the owner purchased the property, the purchase price of the property is considered to be the market value of the property for that tax year and to limit increases in the appraised value of the property for subsequent tax years based on the inflation rate.
Property Interests
Last Action
Referred to s/c on Property Tax Appraisals by Speaker
3/31/2025