Limits increases in appraised value of real property for ad valorem tax purposes in Texas.

This bill amends the Texas Tax Code to limit increases in the appraised value of real property for ad valorem tax purposes. It specifies that the appraised value for the first tax year a property owner owns the property on January 1 is equal to the market value. For subsequent years, the appraised value is based on the previous year's value increased by a percentage determined by the comptroller. The bill also details conditions under which the limitation expires and outlines the process for property owners to apply for and protest the appraised value.

Limits increases in appraised value of real property for ad valorem tax purposes in Texas.

This bill amends the Texas Tax Code to limit increases in the appraised value of real property for ad valorem tax purposes. It specifies that the appraised value for the first tax year a property owner owns the property on January 1 is equal to the market value. For subsequent years, the appraised value is based on the previous year's value increased by a percentage determined by the comptroller. The bill also details conditions under which the limitation expires and outlines the process for property owners to apply for and protest the appraised value.