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 potentially lowering their tax burden on leased residential properties.

The resolution outlines that the new limitation would apply only to single-family residential properties leased to elderly individuals who use the property as their primary residence and pay rent that does not exceed fair market value. The proposed amendment includes provisions for additional eligibility requirements and specifies that the limitation would take effect either on the law's effective date or January 1 of the following tax year, depending on when the property is leased. 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.