July 31, 2015 — Austin
With the 84th Texas Legislature officially at a close, the Texas REALTORS® confirms the recent regular session was a legislative success for Texas homeowners.
“The Texas REALTORS® applauds our state’s leaders for prioritizing meaningful, lasting tax relief for Texas private property owners and long-term transportation funding in the 84th Legislature—measures that are critical to sustaining Texas’s long-term economic growth and quality of life,” said Scott Kesner, chairman of the Texas REALTORS®.
During the recent session, Texas REALTORS® championed legislation that would reduce barriers to homeownership by increasing the homestead exemption from $10,000 to $25,000 and placing a constitutional prohibition on the application of a tax on real estate transactions. A two-for-one measure on the Nov. 3 ballot, Proposition 1 will help lower homeownership costs and permanently prevent unfair taxation of Texas homes.
The Texas REALTORS® was also successful in urging lawmakers to find a long-term, sustainable funding solution for Texas roads and infrastructure using existing revenue streams. Proposition 7, if passed this November, will allocate portions of Texas motor vehicle sales tax proceeds to the Texas Highway Fund.
In addition, Texas REALTORS® helped defeat a proposal that would have increased fees associated with home equity loans. If passed, the measure would have negatively impacted homeownership affordability across the state.
Kesner concluded, “The upcoming election ballot has two important measures that are critical to maintaining homeownership affordability in Texas and creating a sustainable infrastructure for our rapidly growing state. We urge Texas residents to vote ‘yes’ for Proposition 1 and Proposition 7 on Nov. 3.”
The Texas REALTORS® is one of the most active advocacy organizations at the Texas Capitol and supports legislative efforts to ensure Texas remains a great place to buy, sell, lease and own real property. In recent years, Texas REALTORS® have supported responsible investments in the state’s water and transportation infrastructure, meaningful reform to the property appraisal process, and important consumer protections in real estate transactions.