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 stabilizing their property tax assessments.

If approved, the amendment would apply 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 resolution outlines that the new law would take effect either on the date of its enactment 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 limitation on appraised values.