Proposed property tax cuts could save homeowners hundreds of dollars a year.
The Senate unanimously approved Lt. Governor Dan Patrick's agenda to use some of the state's $33 billion surplus to cut home and business property taxes, and pump billions of dollars into schools. proposes increasing the homestead exemption from $40,000 to $70,000, plus another $30,000 for seniors and disabled Texans.He writes in a press release that on a $300,000 home, the first $70,000 would not be taxed, saving homeowners $798 a year.
Senate Bill 4 would allocate an additional $5.38 billion for public schools and would lower the payments from property-wealthy districts to make up for property-poor districts.The panel discusses how every member of the Texas Senate has signed in agreeance, Senator Paul Bettencourt's plan to raise the Homestead exemption from $40,000 to $70,000 permanently.For that $300,000 dollar home, it would shave $210 off the property tax.
The Senate also passed a joint resolution that would send these bills to voters on the November 2023 ballot.The House bill would reduce the maximum that home appraisals can go up each year from 10% to 5% and would extend the limit to business properties, too.There is still much debate over these bills, but we'll continue to keep you posted on what happens.
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