Proposing a constitutional amendment to allow the Texas legislature to exempt a portion of the market value of tangible personal property from ad.

This bill proposes a constitutional amendment to authorize the Texas legislature to exempt a portion of the market value of tangible personal property from ad valorem taxation if the property is held or used for the production of income. The amendment would allow the legislature to exempt up to $250,000 of the market value of such property. The amendment would take effect for the tax year beginning January 1, 2025, and would expire on January 1, 2027. The proposed amendment will be submitted to voters in the November 4, 2025 election.

Proposing a constitutional amendment to allow the Texas legislature to exempt a portion of the market value of tangible personal property from ad.

This bill proposes a constitutional amendment to authorize the Texas legislature to exempt a portion of the market value of tangible personal property from ad valorem taxation if the property is held or used for the production of income. The amendment would allow the legislature to exempt up to $250,000 of the market value of such property. The amendment would take effect for the tax year beginning January 1, 2025, and would expire on January 1, 2027. The proposed amendment will be submitted to voters in the November 4, 2025 election.