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TX SJR15
Joint Resolution
Status
11/12/2024
Primary Sponsor
Peter Flores
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AI Summary
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Proposes a constitutional amendment allowing the legislature to set a residence homestead's initial appraised value at market value for the first year the owner qualifies for a homestead exemption
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For purchased properties, the purchase price paid by a bona fide purchaser would be considered the market value for that initial tax year
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Limits future appraised value increases to only the market value of new improvements added to the property, rather than allowing percentage-based annual increases
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The appraisal limitation would expire when neither the original owner, their spouse, nor surviving spouse qualifies for the homestead exemption, except when property transfers through inheritance or will to someone who qualifies for the exemption
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For current homeowners who already had the exemption before the law takes effect, their appraised value from the preceding tax year would serve as the baseline market value
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The proposed 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 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 market value of all new improvements to the property.
Property Interests
Last Action
Referred to Local Government
2/3/2025