89S10466 RDS-D     By: Metcalf H.J.R. No. 21       A JOINT RESOLUTION   proposing a constitutional amendment to authorize the legislature   to limit the maximum appraised value of certain commercial real   property for ad valorem tax purposes.          BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:          SECTION 1.  Section 1, Article VIII, Texas Constitution, is   amended by adding Subsection (l) to read as follows:          (l)  Notwithstanding Subsections (a) and (b) of this   section, the Legislature by general law may limit the maximum   appraised value of a parcel of commercial real property with a   market value that is not greater than an amount prescribed by the   Legislature for ad valorem tax purposes in a tax year to the lesser   of the most recent market value of the property as determined by the   appraisal entity or 110 percent, or a greater percentage, of the   appraised value of the property for the preceding tax year.  A law   enacted under this subsection must define "commercial real   property" for purposes of this subsection and may prescribe   additional eligibility requirements for the limitation on   appraised value authorized by this subsection.  A law enacted under   this subsection must prescribe the maximum market value that a   parcel of commercial real property may have in the tax year in which   the limitation on appraised value authorized by this subsection   takes effect as to the property in order for the property to be   eligible for the limitation.  A limitation on appraised value   authorized by this subsection:                (1)  takes effect as to a parcel of commercial real   property on the later of the effective date of the law imposing the   limitation or January 1 of the tax year following the first tax year   in which the owner owns the property on January 1 and in which the   property meets the definition of commercial real property; and                (2)  expires on January 1 of the tax year following the   first tax year in which the owner of the property ceases to own the   property or the property no longer meets the definition of   commercial real property.          SECTION 2.  This proposed constitutional amendment shall be   submitted to the voters at an election to be held May 2, 2026. The   ballot shall be printed to permit voting for or against the   proposition: "The constitutional amendment to authorize the   legislature to limit for ad valorem tax purposes the maximum   appraised value of commercial real property with a market value   that is not greater than an amount prescribed by the legislature to   110 percent or more of the appraised value of the property for the   preceding tax year."