HB 273 proposes a limitation on annual increases in the appraised value of certain commercial real properties for ad valorem tax purposes. Specifically, the bill amends Section 23 of the Texas Tax Code to limit appraisal increases to 10% per year for commercial properties valued at $10 million or less. New improvements to these properties are included in the value calculation, while repairs and maintenance are excluded. This limitation applies only to properties meeting the commercial use criteria and is contingent upon the passage of a constitutional amendment. The Act will take effect on January 1, 2026, if voters approve the amendment in the 2025 election​.