Texas Gov. Greg Abbott signs property tax relief bills that could save homeowners thousands of dollars
Texas Gov. Greg Abbott signed three bills on Monday that he says will bring more property tax relief to millions of Texas homeowners and businesses.
Abbott signed House Bill 9, Senate Bill 4 and Senate Bill 23 into law during a ceremony at the Robson Ranch, a retirement community in Denton.
Now it's up to residents and business owners to make it final. Voters have to approve this constitutional amendment during the election this November.
Texas House Bill 9
House Bill 9 increases the business personal property tax exemption from $2,500 to $125,000.
Texas Senate Bill 4
Senate Bill 4 will raise the overall homestead exemption from $100,000 to $140,000.
Texas Senate Bill 23
Senate Bill 23 will raise the exemption to $200,000 for homeowners who are disabled or 65 years of age or older.
How this translates to the savings
The average homeowner will save nearly an extra $500 on their property taxes and when you combine the savings from 2023, which are still in effect, it totals about $1,750.
For those 65 and older and the disabled, they'll get an extra $900, bringing the total savings to more than $2,300. With an increase in exemptions for businesses, the savings could be about $,2500.
For homeowners, the homestead exemption will be reflected in the school property tax only, which is the largest portion of the bill.
For business owners, they'll see their exemption increase reflected on their school, county and city property taxes.
The governor explained why the constitutional amendment is so important.
"We want to make sure we do more than pass a law for this session that could be overturned by a majority next session," said Abbott. "We want to make sure we pass laws that are enduring that would require two-thirds votes, which mathematically would mean concerning a tax not in the lifetime of anyone in this room, are you going to get a two-thirds vote to increase the tax?"
The governor said that in the future, he hopes to further restrict cities and counties from increasing their property taxes.
Categories
Recent Posts
"Words cannot express our gratitude and thankfulness that Keith provided us when buying our home. Being a military family and not being able to physically be there is beyond challenging buying a house unseen. He made this whole process so pleasant and easy, always easing our minds because he had our complete best interests in his hands. He took the time to send videos, pictures, and did several walk-through of the home to make us feel like we were there. You can easily tell Keith has years of experience , always answering questions and helping us every step of the way! He was extremely helpful in guiding us through the process of buying our home, and making sure that everything was taken care of promptly and correctly. He has been nothing but extremely responsive and excellent since the first phone call! Keith is incredibly knowledgeable, a go-getter, and super professional. We truly sat in passenger seat and let Keith do the driving. He went above and beyond to find the perfect home for us. There's not another realtor out there that could've provided us with the ease and comfort knowing we were making all the right decisions! Keith and Sheila have our highest recommendation, and we wouldn’t ever want to work with any other agent. We will refer our friends and family to Keith and Sheila Realty again and again!" Nicole Olson - 2024