AUSTIN — For the last month, Kathy Mosley has been living in an East Dallas apartment with crumbling ceilings and walls after a water pipe burst during the...
to get one. It allows them to cut $40,000 from the total taxable value of their home when paying their local school district property tax — the largest portion of a property tax bill for most Texans. Patrick’s proposal would up the $40,000 deduction to $70,000, a savings of roughly $350 to $400 a year for most North Texas homeowners.
Because of this, property tax breaks like the homestead exemption that cut local tax revenue must be offset by taxpayer money that the state collects. State taxpayer money comes from sources that the comptroller’s office identifies as “regressive” – taxes that take a larger share of money from lower income households than higher income earners.
Above that, the rate of homeownership increases dramatically, with home ownership among households earning $150,000 at a rate of five owner-occupied homes to one rental. “For rental property owners, property taxes are generally the largest single operating expense that they have, and that gets reflected back in people’s rent,” said David Mintz, vice president of government affairs for the Texas Apartment Association.It’s too early to predict the outcome this early in the 140-day legislative session that’s less than three weeks old, but Patrick’s $30,000 increase to the homestead exemption likely will face few challenges in the Senate.
“And that, quite frankly, is why I get massive bipartisan votes, unanimous votes on homestead tax increases,” Bettencourt said. “The fact remains that it seems to me Republican leaders want to collect taxes from everybody, but they only want to give tax breaks to a certain segment of people,” he said. “There is something wrong with that.”
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Here are the 50 highest-rated restaurants in Dallas - Dallas Business JournalThe following list gives a nod to OpenTable's Diners' Choice list, which lists the top 10 restaurants in Dallas based on customer reviews.
Read more »
$18M incentive for Goldman Sachs' Dallas expansion ranks among nation's highest - Dallas Business JournalAn $18 million economic incentives deal offered to Goldman Sachs Group Inc. for its expansion in Dallas is among the highest in the nation last year for a project of its type.
Read more »
$18M incentive for Goldman Sachs' Dallas expansion ranks among nation's highest - Dallas Business JournalAn $18 million economic incentives deal offered to Goldman Sachs Group Inc. for its expansion in Dallas is among the highest in the nation last year for a project of its type.
Read more »
New projects in North Texas for January 26, 2023 - Dallas Business JournalHere’s a look at the latest new projects registered in North Texas with the Texas Department of Licensing and Regulation, a list of new construction, renovations and alterations in Dallas, Fort Worth and beyond. All projects listed are public records.
Read more »
Winter storm watch issued for parts of North Texas, including DallasThe National Weather Service issued a winter storm watch for Dallas County and other parts of North Texas starting Monday afternoon through Wednesday morning....
Read more »