Texas SB477 modifies the limitation on increases in the appraised value of a residence homestead for ad valorem tax purposes.

Texas SB477 amends the Tax Code to change how the appraised value of a residence homestead is determined for ad valorem tax purposes. The appraised value is now based on the market value of the property for the first year the owner qualified for a homestead exemption or the purchase price if the owner bought the property. The limitation on appraised value increases takes effect on January 1 of the first tax year the owner qualifies for an exemption. The limitation expires if neither the original owner nor their spouse or surviving spouse qualifies for an exemption.

Texas SB477 modifies the limitation on increases in the appraised value of a residence homestead for ad valorem tax purposes.

Texas SB477 amends the Tax Code to change how the appraised value of a residence homestead is determined for ad valorem tax purposes. The appraised value is now based on the market value of the property for the first year the owner qualified for a homestead exemption or the purchase price if the owner bought the property. The limitation on appraised value increases takes effect on January 1 of the first tax year the owner qualifies for an exemption. The limitation expires if neither the original owner nor their spouse or surviving spouse qualifies for an exemption.