HJR 167 proposes a constitutional amendment that would limit the maximum appraised value of a residence homestead for ad valorem tax purposes. Under this amendment, the maximum appraised value of a homestead would be capped at the lesser of its most recent market value or 115% of the previous year’s appraised value. The legislature would also be allowed to limit how often homesteads can be reappraised. Additionally, the amendment permits county voters to approve a higher percentage cap than the state-imposed limit, allowing local flexibility. If approved by the legislature, this amendment would be placed on the November 4, 2025, ballot for voter approval​.