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TX HJR74
Joint Resolution
Status
11/12/2024
Primary Sponsor
Steve Toth
Click for details
AI Summary
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Proposes a constitutional amendment allowing the legislature to set a homestead's initial appraised value at its purchase price (for bona fide purchasers) or market value in the first year the owner qualifies for a homestead exemption
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Limits annual increases in homestead appraised values to the inflation rate (based on changes in consumer purchasing power) rather than the current 10% cap
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Requires the Texas Comptroller to determine and publicize the annual percentage increase allowed based on the most accurate consumer price index for the state
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Allows the appraisal limitation to transfer when property is inherited or passes under a will, as long as the new owner qualifies for a homestead exemption
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Provides that existing homestead owners would be grandfathered in using their prior year's appraised value as the baseline when the law takes effect
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Requires voter approval at an election on November 4, 2025
Legislative Description
Proposing a constitutional amendment authorizing the legislature to provide that the appraised value of a residence homestead for ad valorem tax purposes for the first tax year that the owner of the property qualifies the property for a residence homestead exemption 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 homestead for subsequent tax years based on the inflation rate.
Property Interests
Last Action
Referred to s/c on Property Tax Appraisals by Speaker
3/6/2025