Texas REALTORS® 2018 Winter Meeting | Feb. 9-13 | Austin, Texas

Texas voters overwhelmingly support tax relief for homeowners

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The Texas flag waving in the wind.

11/04/2015 | Author: Editorial Staff

Thanks to strong support from the Texas Association of REALTORS®, statewide Proposition 1 passed with 86% of the vote. This resounding victory will save the state’s current and future homeowners money in two ways:

  • The homestead exemption will increase from $15,000 to $25,000, reducing homeowners’ property-tax burden.
  • Passage of this proposition also means real estate transfer taxes are constitutionally prohibited, which saves consumers money when they buy or sell property.

Thanks to all REALTORS® for spreading the word about the importance of this ballot item.

In addition, statewide Proposition 7, which the Texas Association of REALTORS® also supported, passed with 83% of the vote. Proposition 7 will help provide long-term transportation solutions by allocating a portion of sales and use tax revenue to the state highway fund through 2032. 

Categories: Meetings, Governmental Affairs
Tags: political affairs, proposition 1, proposition 7

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While the Texas Association of REALTORS® has used reasonable efforts in collecting and preparing materials included here, due to the rapidly changing nature of the real estate marketplace and the law, and our reliance on information provided by outside sources, the Texas Association of REALTORS® makes no representation, warranty, or guarantee of the accuracy or reliability of any information provided here or elsewhere on texasrealestate.com. Any legal or other information found here, on texasrealestate.com, or at other sites to which we link, should be verified before it is relied upon.

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