Proposing a constitutional amendment exempting tangible personal property from ad valorem taxation.

This bill proposes a constitutional amendment to exempt most tangible personal property (like furniture, vehicles, and business equipment) from annual property taxes in Texas, effective January 1, 2026. It would directly affect owners of such property who currently pay these taxes, except for items already pledged as security for debt before 2026 - those could still be taxed until the debt is paid. The amendment requires voter approval in November 2025 and repeals existing constitutional provisions related to personal property taxation. It does not change taxes on real property (like land or buildings) or railroad equipment.