Texas Senator Paul Bettencourt has filed a bill to raise the residence homestead exemption to $140,000, a historic high. The bill includes a hold-harmless provision ensuring that school districts are fully compensated for any funding shortfalls. The proposed increase, combined with tax rate compression measures, could result in an estimated $496.57 in annual tax savings for the average Texas homeowner.
Texas Senator Paul Bettencourt announced on Friday that he filed a bill aimed at increasing the residence homestead exemption. According to a press release, the bill proposes raising the residence homestead exemption to $140,000, a record high in Texas history. As reported by FOX 26, the last significant homeowners relief passed during the previous legislative session increased the exemption to $100,000.
With the passage of SB 4, Texans will have the opportunity to vote on another increase, pushing the homestead exemption to a record $140,000. Officials stated that to ensure neither local taxpayers nor school districts bear the cost of the homestead exemption increase, Senate Bill 4 includes a hold-harmless provision. This guarantees that any funding shortfalls resulting from the exemption increase will be fully covered by the state. \'SB 4 will not only cut ISD property taxes, but the state pays the bill, guaranteeing that no school district loses out on critical funding,' Senator Bettencourt added. 'This measure is a win-win for taxpayers and everyone alike.' Senator Bettencourt is joined by a bipartisan group of Senators, including Alvarado, Birdwell, Blanco, Campbell, Cook, Creighton, Eckhardt, Flores, Gutierrez, Hagenbuch, Hall, Hancock, A. Hinojosa, J. Hinojosa, Huffman, Hughes, King, Kolkhorst, Menendez, Middleton, Nichols, Parker, Paxton, Perry, Schwertner, Sparks, West, and Zaffirini, as joint authors of SB 4. \'My office estimated $363.44 in annual school property tax savings for the average Texas homestead based on a statewide ISD average tax rate of $0.9086, but wait, we're not done yet!' said Bettencourt. Senate Bill 4 works in tandem with Senate Bill 1, the General Appropriations Act, which provides 6.8 pennies of school district tax rate compression. The compression will reduce the statewide average ISD tax rate from $0.9766 to $0.9086, leading to an additional $133.13 in savings for the average homestead property owner. 'When combined with the savings from Senate Bill 4, the total estimated annual tax reduction for Texas homeowners amounts to $496.57!' Bettencourt said. Senate Bill 4 maintains protections for over-65 and disabled homestead exemption owners, ensuring that as property values rise and tax rates compress, their freeze values automatically adjust to provide continued tax relief.
TEXAS HOMESTEAD EXEMPTION PROPERTY TAXES LEGISLATION PAUL BETTENCOURT SB4
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