The resolution, S.J.R. No. 85, proposes a constitutional amendment that would allow the Texas legislature to increase the exemption amount from ad valorem taxation for the residence homesteads of elderly or disabled individuals. Currently, there is a $100,000 exemption for all adults, and an additional exemption of up to $60,000 for those who are disabled or 65 years and older. The amendment aims to provide the legislature with the authority to adjust these exemption amounts based on economic need and to establish eligibility criteria. It also clarifies that individuals cannot receive both exemptions simultaneously but can choose one.
The proposed amendment includes a temporary provision that would take effect for the tax year beginning January 1, 2025, and would expire on January 1, 2027. It mandates that the amendment be presented to voters in an election scheduled for November 4, 2025, allowing them to vote on whether to authorize the legislature to increase the exemption for elderly and disabled individuals from ad valorem taxation by school districts. The resolution also outlines measures to protect school districts from revenue loss due to the implementation of this amendment.