Proposing a constitutional amendment to set property tax value based on market value or purchase price for the first year of ownership and limit.

This bill proposes a constitutional amendment to allow the Texas legislature to set the appraised value of real property for ad valorem tax purposes at the market value or purchase price for the first tax year the owner owns the property. If the owner purchased the property, the purchase price is considered the market value for that year. For subsequent years, the appraised value can only increase based on the inflation rate. The amendment also includes provisions for the comptroller to determine and publicize the inflation-based increase percentage for each tax year.

Proposing a constitutional amendment to set property tax value based on market value or purchase price for the first year of ownership and limit.

This bill proposes a constitutional amendment to allow the Texas legislature to set the appraised value of real property for ad valorem tax purposes at the market value or purchase price for the first tax year the owner owns the property. If the owner purchased the property, the purchase price is considered the market value for that year. For subsequent years, the appraised value can only increase based on the inflation rate. The amendment also includes provisions for the comptroller to determine and publicize the inflation-based increase percentage for each tax year.