Proposing a constitutional amendment to authorize the legislature to limit the maximum appraised value of certain commercial real property for ad valorem tax purposes.

HJR 28 proposes a constitutional amendment allowing Texas lawmakers to cap the taxable value of certain commercial properties. It would let the legislature limit a property’s appraised value for property taxes to 120% (or a higher percentage set by law) of its prior year’s value, but only for properties meeting specific definitions and market value thresholds. This cap would apply only to commercial real estate owners who qualify under future laws defining "commercial property" and meeting eligibility rules. The amendment requires voter approval in 2026 and would expire if a property changes ownership or no longer qualifies as commercial.