Proposing a constitutional amendment authorizing the legislature to provide that the officials responsible for appraising property for ad valorem taxation in a county may exclude from consideration the value of new or substantially remodeled residential property when determining the market value of an older residence homestead located in or near a tax increment financing reinvestment zone.

This bill proposes a constitutional amendment allowing Texas counties to exclude the value of new or substantially remodeled homes when appraising older residence homesteads (over 30 years old) located in or near tax increment financing (TIF) reinvestment zones. It directly affects homeowners in these TIF zones whose older properties might otherwise face higher tax assessments due to nearby new construction. The key provision enables county appraisers to disregard the value of newer homes in the same neighborhood when determining the tax value of qualifying older homes. If approved by voters in 2025, this would permit the legislature to create specific rules for this appraisal method through general law.