A measure introduced today in the Texas Legislature would cut to 5% the total amount that a residential property could be increased in value by local appraisal districts each year, News Radio 1200 WOAI reports.
State Rep. Cecil Bill (R-Montgomery County) says his Constitutional Amendment, which would require the approval of voters in November, would cut the current maximum allowable value increase per year in half. It is currently 10%.
"The Legislature by general law may limit the maximum appraised value of real property [a residence homestead] for ad valorem tax purposes in a tax year to the lesser of the most recent market value of the real property [residence homestead] as determined by the appraisal entity or 105 percent, or a greater percentage, of the appraised value of the real property[residence homestead] for the preceding tax year," the Constitutional Amendment states.
Bell's measure would only cover the taxpayer's residential homestead. It would not apply to rental or commercial property.
The Legislature and Gov. Abbott have said that cutting the state's skyrocketing property taxes, which are forcing many families out of their homes, is a key priority of the Legislature.
The governor has already called making members of appraisal review boards elected by the people. They are currently appointed by the very taxing entities which benefit from higher property appraisals, because they result in more tax money flowing into the governmental entities which appoint the appraisal board members.