Texas HB442 proposes to limit increases in the appraised value of a residence homestead for ad valorem taxation.

Texas HB442 amends the Tax Code to limit the increase in the appraised value of a residence homestead for ad valorem taxation. The appraised value may not exceed the lesser of the market value from the most recent tax year or the sum of five percent of the appraised value from the preceding tax year, the appraised value from the preceding tax year, and the market value of all new improvements. This Act applies to the appraisal for ad valorem taxation of residence homesteads for a tax year that begins on or after the effective date.

Texas HB442 proposes to limit increases in the appraised value of a residence homestead for ad valorem taxation.

Texas HB442 amends the Tax Code to limit the increase in the appraised value of a residence homestead for ad valorem taxation. The appraised value may not exceed the lesser of the market value from the most recent tax year or the sum of five percent of the appraised value from the preceding tax year, the appraised value from the preceding tax year, and the market value of all new improvements. This Act applies to the appraisal for ad valorem taxation of residence homesteads for a tax year that begins on or after the effective date.