The proposed joint resolution, H.J.R. No. 147, seeks to amend the Texas Constitution to allow the legislature to set a cap on the maximum appraised value for ad valorem tax purposes for residential properties leased to individuals aged 65 and older. Specifically, it would enable the legislature to limit the appraised value to either the most recent market value or 110% (or a higher percentage) of the appraised value from the previous tax year. This amendment is intended to provide financial relief to elderly tenants by stabilizing their property tax assessments.

The resolution outlines that the new limitation would apply only to single-family residential properties leased at fair market rent and used as the primary residence by the elderly lessee. The proposed changes would take effect either on the date the law is enacted or on January 1 of the following tax year, depending on when the property is leased. Additionally, the limitation would expire if the property is no longer leased under the specified conditions. The amendment is set to be presented to voters in an election scheduled for November 4, 2025, allowing them to decide on the proposed changes to property tax assessments for elderly tenants.