UPDATE: Texans are heading to the polls today to decide on a crucial ballot measure that could significantly impact property tax relief. Proposition 13 aims to raise the homestead exemption from $100,000 to $140,000, with even larger benefits for homeowners aged 65 and older.
This proposed change is essential as property taxes in Texas have surged due to rising market values. If passed, homeowners under 65 could deduct an additional $40,000 from their property value starting with the 2025 tax bill. Seniors would benefit even more, receiving an exemption totaling $200,000 when combining their regular exemption with an extra $60,000 for their age group.
The implications of this proposition are vast, potentially saving the average homeowner under 65 approximately $484 on their property taxes this year. For seniors, many may find themselves exempt from paying property taxes altogether, as the average home value among this group aligns closely with their exemption cap.
“Property tax relief is critical for Texans,” said a spokesperson for the bill’s authors, emphasizing the importance of voter support.
However, this measure is not without controversy. Critics warn that substantial tax cuts could jeopardize funding for public schools, which rely on property taxes to operate. Despite these concerns, overwhelming support from voters has pressured lawmakers to act, making the passage of such propositions politically necessary.
In 2023, Texas voters approved a significant increase in the school-district tax exemption from $40,000 to $100,000, part of a broader $18 billion property tax package. This past measure was projected to save homeowners an average of $700, reflecting a strong desire among residents for tax relief.
As Texans cast their votes today, the results of Proposition 13 will determine how much relief homeowners can expect in the coming years. The stakes are high, with an estimated cost of nearly $10 billion in general revenue cuts to the state if the proposition is approved.
Stay tuned for updates as results come in throughout the day. This election could reshape the financial landscape for many Texas homeowners and send ripples through the state’s public education funding.
