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Voters will have final say on billions of tax cuts for Texas homeowners, businesses
- Texas voters will decide in November whether to approve $51 billion in property tax cuts for homeowners and businesses across the state.
- Lawmakers planned these cuts by tapping multibillion-dollar budget surpluses from inflation and federal COVID-19 stimulus funds collected over recent years.
- The plan includes raising the homestead exemption from $100,000 to $140,000 and increasing a separate exemption for homeowners over 65 or with disabilities from $10,000 to $60,000.
- A homeowner in Texas with a residence estimated at $302,000 in the previous year could have reduced their school property tax bill by approximately $490 due to $2.6 billion in school tax rate reductions and increased exemption amounts.
- Gov. Greg Abbott supports the measure and urged voter approval, but experts warn the large tax breaks could strain future state budgets amid economic uncertainties.
14 Articles
14 Articles
New Texas tax relief bills could mean savings if voters approve in November
SAN ANGELO, Texas (Concho Valley Homepage) — Property tax relief could be on the way for some homeowners. Senate Bill 4 and Senate Bill 32, passed by Texas lawmakers, are designed to cut costs for homeowners across the state. Tyler Johnson is the Tom Green County Chief Appraiser. "Senate Bill 4 is to increase the homestead exemption that a person qualifies for a property they own and occupy. It increases the school exemption of their tax bill...…
Voters will have final say on billions of tax cuts for Texas homeowners_ businesses
Voters will be asked to approve property tax cuts for Texas homeowners and businesses in November. If voters agree, homeowners will see increased breaks on the taxes they pay toward school districts, with those above the age of 65 or living with disabilities seeing even bigger cuts, if Texas voters approve them in November. Business owners will get help, too, on the taxes they pay on their inventory. Gov. Greg Abbott, a champion of tax cuts, sai…
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