HJR 173 proposes a constitutional amendment that would allow the Legislature to establish a method for determining the appraised value of real property for ad valorem tax purposes in the first tax year an owner holds the property on January 1. The amendment would set the purchase price as the market value for tax purposes if the owner bought the property. Additionally, it would limit increases in the property's appraised value in subsequent tax years based on the inflation rate, as determined by the Texas Comptroller. If approved, the amendment would take effect on January 1, 2026, and be subject to voter approval in the November 4, 2025 election​.