UPDATE: Texans are heading to the polls today to vote on Proposition 13, a critical measure aimed at delivering immediate property tax relief. If passed, the homestead exemption will surge from $100,000 to $140,000, with an even higher exemption for homeowners aged 65 and older.
This proposition is a vital response to skyrocketing property values in Texas, which have dramatically increased in recent years. Homeowners under 65 could see their taxable property value reduced by $140,000, translating into an average savings of $484 on this year’s property taxes. For seniors, an additional exemption of $60,000 would raise their total exemption to $200,000, effectively eliminating their property tax burden.
Officials emphasize the urgency of this vote, as the state prepares for the 2025 tax bill. Homeowners must ensure they are registered and have the appropriate status through their county tax office to qualify for the exemption. The implications are significant: the proposed tax relief package, along with business property cuts, is projected to cost Texas nearly $10 billion in general revenue.
The backdrop of this vote is a long-standing bipartisan consensus on the need for property tax relief, with both Republican and Democratic leaders working together in the Texas Capitol. However, concerns loom regarding the impact of these cuts on public education funding, as property taxes are a primary source of revenue for schools. Critics fear that without a solid replacement plan, these cuts could jeopardize educational resources.
The stakes are high. In 2023, Texas voters overwhelmingly approved a similar measure, raising the school-district tax exemption from $40,000 to $100,000, which was part of an $18 billion property tax relief package. This historic decision saved homeowners an average of $700 on their tax bills, reflecting the pressing demand for tax reform among Texas residents.
As the polls close today, the eyes of the state are on Proposition 13. What happens next will shape the financial landscape for countless Texans, especially homeowners and seniors struggling with rising costs. Voter turnout is crucial, and the outcome of this proposition could redefine property taxes in Texas for years to come.
Stay tuned for further updates as results come in. This is a pivotal moment for Texas homeowners, and every vote counts.
