Proposing a constitutional amendment to authorize the legislature to set a lower limit on the maximum appraised value of a residence homestead for ad valorem taxation.

HJR 18 proposes a constitutional amendment to allow the Texas legislature to set a lower limit on the maximum appraised value used for property taxes on primary residences (homesteads). It would let the legislature cap annual increases at no more than 102% of the previous year's appraised value, instead of the current full market value. This primarily affects homeowners who qualify for the homestead exemption under Texas law. The limit would apply starting the tax year after qualifying for the exemption and expire if the homeowner no longer qualifies for the exemption. The amendment must be approved by voters in the May 2026 election.