US EditionVoters will have final say on billions of tax cuts for Texas homeowners, businesses
- Texas voters will decide in November whether to approve $51 billion in property tax cuts for homeowners and businesses over the next two years.
- Lawmakers developed the plan using large budget surpluses caused by inflation and federal COVID-19 stimulus funds, continuing past tax cut efforts.
- The plan raises the homestead exemption from $100,000 to $140,000, offers bigger cuts for seniors and disabled homeowners, and exempts up to $125,000 of business inventory from taxation.
- A typical Texas home worth $302,000 would have saved about $490 last year from these measures, which also include $2.6 billion in school tax rate cuts.
- If approved, these changes will alter the Texas Constitution, require voter approval, and may pressure other taxing entities to adjust rates or budgets accordingly.
13 Articles
13 Articles
New Texas tax relief bills could mean savings if voters approve in November
SAN ANGELO, Texas (Concho Valley Homepage) — Property tax relief could be on the way for some homeowners. Senate Bill 4 and Senate Bill 32, passed by Texas lawmakers, are designed to cut costs for homeowners across the state. Tyler Johnson is the Tom Green County Chief Appraiser. "Senate Bill 4 is to increase the homestead exemption that a person qualifies for a property they own and occupy. It increases the school exemption of their tax bill...…
Voters will have final say on billions of tax cuts for Texas homeowners_ businesses
Voters will be asked to approve property tax cuts for Texas homeowners and businesses in November. If voters agree, homeowners will see increased breaks on the taxes they pay toward school districts, with those above the age of 65 or living with disabilities seeing even bigger cuts, if Texas voters approve them in November. Business owners will get help, too, on the taxes they pay on their inventory. Gov. Greg Abbott, a champion of tax cuts, sai…
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