Texas voters on Saturday approved by decisive margins two propositions intended to lower property taxes for homeowners.
Credit:As the state’s housing market rages, Texas homeowners will get a slight break on their property tax bills after Texas voters overwhelmingly passed a pair of statewide ballot measures Saturday.
The vast majority of voters also approved Proposition 2, to raise the state’s homestead exemption — the dollar amount of a home’s value that’s exempt from taxation by school districts — from $25,000 to $40,000. The owner of an average Texas home, worth about $300,000, will save around $175 on their annual property tax bill, Republican state Sen.“It’s great to see the voters of Texas vote overwhelmingly for property tax relief,” Bettencourt said Saturday.
State lawmakers are trying to find other ways to lower property taxes or at least slow down their growth — a pet issue for Texas Republicans. Lt. Gov. Dan Patrick has asked a state Senate committee chaired by Bettencourt to There are measures in place to try to slow property tax growth. Under state law, the taxable value of an owner’s primary residence can’t rise more than 10% in a given year if they have a homestead exemption.
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