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Couple of propositions important to seniors. These are worded exactly like they will appear as law, if passed and many folks can't make heads or tails out of the first proposition in particular. I found this online explaining these propositions in a plainer English:
The amount paid to public schools is typically the largest obligation on a property tax bill. The state would make up the difference and, according to the Legislative Budget Board, the reduction of those property taxes is estimated to cost $744 million from 2024 to 2026.
The annual savings for the estimated 2 million exemption holders would be $109 in 2024 and $124 in 2025, though actual savings will vary due to actual property value.
"If passed, both of these propositions will cut independent school district property tax bills by increasing homeowner exemptions that will save money for all 5.67 million homesteads in the State of Texas," added State Sen. Bettencourt. "All homeowners with homesteads will save money on their property tax bills. Over 65 homeowners will see their freeze values actually decline, and lifetime savings from both bills in the many thousands."
TEXAS STATE PROPOSITION 1
If passed, Proposition 1 would amend the state constitution to authorize the state legislature to reduce the property tax limit for school maintenance and operations taxes imposed on the homesteads of disabled residents or those over the age of 65.The amount paid to public schools is typically the largest obligation on a property tax bill. The state would make up the difference and, according to the Legislative Budget Board, the reduction of those property taxes is estimated to cost $744 million from 2024 to 2026.
The annual savings for the estimated 2 million exemption holders would be $109 in 2024 and $124 in 2025, though actual savings will vary due to actual property value.
TEXAS STATE PROPOSITION 2
In passed, Proposition 2 would raise the homestead exemption from $25,000 to $40,000 for school district property taxes. According to calculations released by the state, the amendment is expected to save 5.67 million homeowners about $175 annually."If passed, both of these propositions will cut independent school district property tax bills by increasing homeowner exemptions that will save money for all 5.67 million homesteads in the State of Texas," added State Sen. Bettencourt. "All homeowners with homesteads will save money on their property tax bills. Over 65 homeowners will see their freeze values actually decline, and lifetime savings from both bills in the many thousands."
