The proposed joint resolution seeks to amend the Texas Constitution to allow the legislature to establish that the appraised value of a residence homestead for ad valorem tax purposes will be based on the market value of the property during the first tax year the owner qualifies for a homestead exemption. If the property was purchased, the purchase price will be considered the market value for that tax year. Additionally, the resolution aims to limit increases in the appraised value of the homestead for subsequent tax years, taking into account the market value of any new improvements made to the property.

If approved, this constitutional amendment will be presented to voters in an election scheduled for November 4, 2025. The ballot will include a proposition that outlines the changes, emphasizing the new approach to determining the appraised value for tax purposes and the limitations on future increases in that value. This amendment is intended to provide clarity and fairness in the taxation of residence homesteads, particularly for new homeowners.