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% of the appraised value from the previous tax year, whichever is lower. This amendment is intended to provide financial relief to elderly tenants by potentially reducing their tax burden on leased residential properties.

The resolution outlines that the new limitation would apply only to single-family residential properties leased at fair market rent to eligible elderly lessees. It also stipulates that the limitation 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. The proposed amendment will be presented to voters in an election scheduled for November 4, 2025, allowing them to decide whether to authorize this legislative change.