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A BILL TO BE ENTITLED
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AN ACT
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relating to the limitation on increases in the appraised value of a |
 
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residence homestead for ad valorem taxation. |
 
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             BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
 
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             SECTION  1.    Section 23.23(a), Tax Code, is amended to read as |
 
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follows: |
 
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             (a)    Notwithstanding the requirements of Section 25.18 and |
 
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regardless of whether the appraisal office has appraised the |
 
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property and determined the market value of the property for the tax |
 
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year, an appraisal office may increase the appraised value of a |
 
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residence homestead for a tax year to an amount not to exceed the |
 
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lesser of: |
 
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                         (1)    the market value of the property for the most |
 
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recent tax year that the market value was determined by the |
 
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appraisal office; or |
 
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                         (2)    the sum of: |
 
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                                     (A)    five  [10] percent of the appraised value of |
 
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the property for the preceding tax year; |
 
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                                     (B)    the appraised value of the property for the |
 
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preceding tax year; and |
 
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                                     (C)    the market value of all new improvements to |
 
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the property. |
 
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             SECTION  2.    This Act applies only to the appraisal for ad |
 
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valorem taxation of residence homesteads for a tax year that begins |
 
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on or after the effective date of this Act. |
 
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             SECTION  3.    This Act takes effect January 1, 2025, but only |
 
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if the constitutional amendment proposed by the 88th Legislature, |
 
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4th Called Session, 2023, to authorize the legislature to set a |
 
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lower limit on the maximum appraised value of a residence homestead |
 
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for ad valorem taxation is approved by the voters. If that |
 
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amendment is not approved by the voters, this Act has no effect. |