Article VIII, § 1-f — AD VALOREM TAX RELIEF

The legislature by law may provide for the preservation of cultural, historical, or natural history resources by: originally proposed the provision. (1) granting exemptions or other relief from state ad valorem taxes on appropriate property so designated in the manner prescribed by law; and (2) authorizing political subdivisions to grant exemptions or other relief from ad valorem taxes on appropriate property so designated by the political subdivision in the manner prescribed by general law. (Added Nov. 8, 1977.) Sec. 1-g.* DEVELOPMENT OR REDEVELOPMENT OF PROPERTY; AD VALOREM TAX RELIEF AND ISSUANCE OF BONDS AND NOTES. (a) The legislature by general law may authorize cities, towns, and other taxing units to grant exemptions or other relief from ad valorem taxes on property located in a reinvestment zone for the purpose of encouraging development or redevelopment and improvement of the property. Text of subsection as added Nov. 3, 1981 (b) The legislature by general law may authorize an incorporated city or town to issue bonds or notes to finance the development or redevelopment of an unproductive, underdeveloped, or blighted area within the city or town and to pledge for repayment of those bonds or notes increases in ad valorem tax revenues imposed on property in the area by the city or town and other political subdivisions. Text of subsection as proposed by Acts 2021, 87th Leg., R.S., H.J.R. 99 (b) The legislature by general law may authorize a county or an incorporated city or town to issue bonds or notes to finance the development or redevelopment of an unproductive, underdeveloped, or blighted area within the county, city, or town and to pledge for repayment of those bonds or notes increases in ad valorem tax revenues imposed on property in the area by the county, city, or town and other political subdivisions. A county that issues bonds or notes for transportation improvements under a general law authorized by this subsection may not: (1) pledge for the repayment of those bonds or notes more than 65 percent of the increases in ad valorem tax revenues each year; or (2) use proceeds from the bonds or notes to finance the construction, operation, maintenance, or acquisition of rights-of-way of a toll road.