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TX HJR178
Joint Resolution
Status
3/10/2025
Primary Sponsor
Cody Vasut
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AI Summary
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Proposes a constitutional amendment allowing the legislature to set the initial appraised value of single-family residential property at the purchase price paid by the owner for property tax purposes
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Limits annual increases in appraised value for subsequent tax years to the sum of the state's inflation rate plus population growth rate, as determined by the Comptroller of Public Accounts
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Appraisal limitation takes effect on January 1 of the first tax year the owner owns the property and expires when the owner sells or transfers the property
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Allows the limitation to continue for a surviving spouse on residence homesteads, and prevents expiration when property is inherited as long as the heir qualifies for a homestead exemption
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Constitutional amendment would be submitted to voters at an election on November 4, 2025
Legislative Description
Proposing a constitutional amendment authorizing the legislature to provide that the appraised value of a parcel of single-family residential 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 and population growth rates.
Property Interests
Last Action
Referred to s/c on Property Tax Appraisals by Speaker
3/31/2025