TX SB322

Reduces the annual cap on appraised value increases for non-homestead real property from 20% to 10% for ad valorem tax purposes, starting with the 2026 tax year

Extends the expiration date of the property appraisal cap (known as the "circuit breaker" limitation) from December 31, 2026 to December 31, 2031

Excludes mineral interests from the appraisal cap limitation, adding them to existing exclusions for residence homesteads and certain specially appraised properties (agricultural, timber, etc.)

Delays the effective date of several related Tax Code and Government Code provisions from S.B. 2 (88th Legislature) until January 1, 2032

Requires voter approval of a corresponding constitutional amendment proposed by the 89th Legislature for the reduced 10% cap and extended expiration date to take effect