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Texas homeowners could see larger property tax breaks on this year’s bills if voters approve two state propositions on the Nov. 4 ballot.
The details: Proposition 13 would raise the property tax exemption on a Texas homeowner’s main residence, known as a homestead exemption, from $100,000 to $140,000. Proposition 11 would give homeowners who are over 65 years old or have a disability a $200,000 exemption.
The exemptions would apply only to taxes charged by public schools.
The impact: Sen. Paul Bettencourt, the Houston Republican who authored the legislation, estimated in June that the average Texas homeowner would see about $484 in annual savings if the tax cuts are approved by voters, with roughly $950 in savings for seniors and people with disabilities. These estimates do not account for potential tax rate increases by local governments.
If voters approve the two ballot measures, the cuts will take effect for the current tax year and appear on homeowners’ upcoming tax bills, according to the Texas House Research Organization.
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