A bipartisan committee in Texas has passed two bills proposing to raise the homestead exemption to $140,000, a move that could potentially reduce property taxes for homeowners. The bills, Senate Bill 4 and Senate Joint Resolution 2, have been approved and sent to the full Senate for further consideration.
These proposals, pushed by Lt. Gov. Dan Patrick, aim to provide relief to Texas homeowners who have been burdened by high property taxes. If approved, the increased homestead exemption could save homeowners an average of $363 per year, in addition to the savings achieved through previous tax cuts.
This initiative follows a successful campaign in 2023 to raise the school district tax exemption from $40,000 to $100,000, which resulted in significant savings for Texas homeowners. The overall goal of these proposals is to provide further relief and support to homeowners in Texas.
For more information on the details of the proposal, readers are encouraged to visit The Dallas Morning News. The passing of these bills marks a significant step forward in addressing property tax issues in Texas and providing much-needed relief to homeowners in the state.
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