Good news for Texas Homeowners: Raised Homestead Exemption to 100k from 40k

[Ravi860]

AUSTIN (Nexstar) — Texans voted to approve Proposition 4 which will increase the homestead tax exemption and provide property tax relief, according to Associated Press projections.

TEXAS - Texas voters overwhelmingly okayed Proposition 4 in the November election, meaning homeowners will get the biggest property tax rebate in state history.

The $5.6 billion measure permanently raises the homestead exemption on local school taxes from $40,000 to $100,000 per yer per household, benefiting 5.7 million households

With 40% of the vote reported, 84% voted in favor of the proposition.

The changes will apply to the 2023 tax bills due in January.

Proposition 4, stemming from H.J.R 2 from the 2nd special session this year, will:

• Raise the general school district homestead exemption to $100,000
• Allow legislature to set a cap on annual appraised-value increase for non-homestead real property
• Ensure appropriations for property tax relief does not count towards the constitutional spending limit
• Allow legislature to set four-year terms for members of an appraisal entity’s governing body in counties with 75,000+ residents

An agreement on property tax relief bills SB 2 and SB 3 made it to Abbott’s desk and signed into law successfully in late July. The property tax relief bills signed by Abbott are an $18 billion tax cut for Texas property owners.

 

https://www.kxan.com/news/your-local-election-hq/texas-property-owners-set-to-benefit-from-property-tax-relief-with-prop-4/amp/

[veerigadu]

3 minutes ago, Ravi860 said:

non-homestead real property

Inkaaa school districts assameeee naaaa

[Ravi860]

3 minutes ago, veerigadu said:

Inkaaa school districts assameeee naaaa

They will still get money from govt anta.. elano mari. But currently schools are well over funded ani vinikidi 

[Hitman]

No worries. Counties are flooded with property tax money. 
 

1 hour ago, Ravi860 said:

They will still get money from govt anta.. elano mari. But currently schools are well over funded ani vinikidi 

 

1 hour ago, veerigadu said:

Inkaaa school districts assameeee naaaa

 

[Aquaman]

they are smart..

they have to compensate some where..

what they do.. they will raise property value more  every year