$60,000 Property Tax Cut

If you are a homeowner in Texas, hopefully you are taking advantage of your Homestead Exemption. Did you know this election cycle (Election Day November 7) you will have a chance to vote YES on Proposition 4 which will make this provisional tax bill official? By doing this, you will be decreasing your property tax liability by $60,000! How does that work?

Currently, your Homestead Exemption deducts $40,000 from the assessed value of your home. So, if you owned a home assessed at $350,000, you would only be taxed on $310,000 under the current $40,000 Homestead Exemption. If you vote to make Texas Senate Bill 2 official, the deduction amount will become $100,000 meaning on your same $350,000 home, you would only be taxed on $250,000.

Here’s an overview of the changes that would be applied to 2023 tax bills due in January.

School Tax Compression: Abut $7.1 billion would be sent to Texas school districts in order to lower the taxes they levy on property owners.
Homestead Exemption Increases: From $40,000 to $100,000 as explained above.
Texas Homeowners 65+ or with Disabilities: Both groups would be eligible for a total exemption of $110,000.
Temporary 20% Appraisal Cap: For appraisals on commercial, mineral and residential properties valued under $5 million which do not have a homestead exemption.
Franchise Tax Exemptions: The amount of money a business can make before it’s required to pay the state’s franchise tax (levied on larger entities doing business in Texas) would double.
Elected Appraisal Officials: 3 new positions will be created in each appraisal district’s board of directors for position elected by voters.

So, would you like a $60,000 property tax cut? If so, you need to vote. Early voting is October 23 to November 3. Election Day is November 7. You will need to bring ID to vote, and here are the 7 types of valid ID Texas has for voters:

Texas driver’s license
Texas personal identification card
Election identification certificate
Texas license to carry a handgun
US military ID card with photo
Us citizenship certificate with photo
US passport

Links for more information:

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Proposition 4 Ballot Language:

“The constitutional amendment to authorize the legislature to establish a temporary limit on the maximum appraised value of real property other than a residence homestead for ad valorem tax purposes; to increase the amount of the exemption from ad valorem taxation by a school district applicable to residence homesteads from $40,000 to $100,000; to adjust the amount of the limitation on school district ad valorem taxes imposed on the residence homesteads of the elderly or disabled to reflect increases in certain exemption amounts; to except certain appropriations to pay for ad valorem tax relief from the constitutional limitation on the rate of growth of appropriations; and to authorize the legislature to provide for a four-year term of office for a member of the board of directors of certain appraisal districts.”

$60,000 Property Tax Cut

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