Texas REALTORS® has championed many efforts to keep property taxes in check over the years. And this year is no different: On May 7, Texas voters will have the opportunity to approve a constitutional amendment to increase the homestead exemption from $25,000 to $40,000. The increase will take effect for the 2022 tax year if passed.
The legislation to put the measure to a public vote passed unanimously in both chambers of the Texas Legislature during the third special session of 2021. According to the bill’s author, Sen. Paul Bettencourt, the increased homestead exemption will save the average homeowner $176 annually.
Low turnout is expected for this election—so by casting your ballot, you’ll have a big impact on the outcome for a statewide amendment to appear on a May ballot. Visit texansforprop2.com for more information.