H.J.R. No. 1 is a joint resolution proposing a constitutional amendment that would allow the Texas legislature to exempt a portion of the market value of tangible personal property from ad valorem taxation. Specifically, the amendment seeks to exempt up to $125,000 of the market value of such property that is owned by individuals and used for income production. This change aims to alleviate the tax burden on property owners engaged in income-generating activities.

The proposed amendment will be presented to voters during an election scheduled for November 4, 2025. The ballot will include a proposition allowing voters to express their support or opposition to the amendment, which seeks to authorize the legislature to implement this tax exemption. The resolution has already passed both the House and Senate with significant majorities, indicating legislative support for the measure.