Texas HJR178 proposes a constitutional amendment to set the appraised value of single-family residential real property for the first tax year based.

Texas HJR178 proposes a constitutional amendment to allow the legislature to set the appraised value of single-family residential real property for ad valorem tax purposes for the first tax year in which the owner owns the property on January 1 as the market value of the property. If the owner purchased the property, the purchase price is considered the market value for that tax year. For subsequent tax years, the appraised value is limited to the previous year's appraised value increased by the sum of the inflation rate and the population growth rate.

Texas HJR178 proposes a constitutional amendment to set the appraised value of single-family residential real property for the first tax year based.

Texas HJR178 proposes a constitutional amendment to allow the legislature to set the appraised value of single-family residential real property for ad valorem tax purposes for the first tax year in which the owner owns the property on January 1 as the market value of the property. If the owner purchased the property, the purchase price is considered the market value for that tax year. For subsequent tax years, the appraised value is limited to the previous year's appraised value increased by the sum of the inflation rate and the population growth rate.