Proposing a constitutional amendment to allow school districts to exempt part of the value of certain leased residential properties from ad valorem.

This bill proposes a constitutional amendment to authorize the Texas legislature to exempt from ad valorem taxation by a school district 50% of the market value of certain leased residential real properties. These properties must be at least 15 years old, be multifamily residential properties with units leased as primary residences, and meet eligibility requirements set by the legislature. The bill establishes the property tax relief to rental households fund in the state treasury, which can receive money transferred or appropriated by the legislature.

Proposing a constitutional amendment to allow school districts to exempt part of the value of certain leased residential properties from ad valorem.

This bill proposes a constitutional amendment to authorize the Texas legislature to exempt from ad valorem taxation by a school district 50% of the market value of certain leased residential real properties. These properties must be at least 15 years old, be multifamily residential properties with units leased as primary residences, and meet eligibility requirements set by the legislature. The bill establishes the property tax relief to rental households fund in the state treasury, which can receive money transferred or appropriated by the legislature.