In Texas, homeowners may see significant property tax cuts, potentially saving around $500 annually if measures are approved by voters. Gov. Greg Abbott signed bills to increase homestead exemptions and expand tax breaks for seniors and disabled individuals. The relief plan includes raising the homestead exemption to $140,000 for school districts and to $200,000 for seniors. Additionally, it proposes boosting the business personal property tax exemption. The plan's cost is $51 billion and mainly supports school district funding, offsetting revenue losses, but voter approval is necessary.
Homeowners in Texas may benefit from one of the largest property tax cuts in state history, potentially saving around $500 annually, pending voter approval in November.
Gov. Greg Abbott has signed bills that increase homestead exemptions, expand breaks for seniors and disabled individuals, and reduce business property taxes significantly.
The property tax relief measures proposed include raising the homestead exemption to $140,000 for school districts and $200,000 for seniors and disabled homeowners.
This tax relief plan, amounting to $51 billion, represents a substantial portion of the state's budget, primarily aimed at alleviating the financial burden on homeowners and small businesses.
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