Proposing a constitutional amendment to abolish ad valorem taxes.

This bill proposes a constitutional amendment to ban ad valorem taxes (property taxes based on value) in Texas after January 1, 2031. It would prevent local governments and school districts from levying these taxes on real or personal property after that date, while requiring the state to guarantee repayment for school district bonds issued before November 4, 2025, that relied on such taxes. The amendment must be approved by voters in the November 4, 2025 election to take effect. This directly affects all local taxing entities and school districts that currently rely on property taxes for funding.