"Qualifying homeowners would see school-related property tax valuations frozen at the year they turn 55, preventing future increases in that portion of their tax bill. Seniors already receive a partial exemption from school property taxes, which was recently increased from $10,000 to $60,000. Patrick said the proposal would save eligible Texans about $900 to $1,000 a year, or up to $10,000 between ages 55 and 65."
"Patrick also called for increasing homestead exemptions by another $40,000, which would raise the exemption to $180,000 for non-seniors and to $240,000 for Texans 55 and older. A homestead exemption reduces a home's taxable value. Under the proposal, a senior with a $300,000 home would be taxed as if it were worth $60,000, down from $100,000. The plan comes amid Patrick's bid for reelection."
Qualifying homeowners would have school-related property tax valuations frozen at the year they turn 55, preventing future increases in that portion of their tax bill. Seniors already receive a partial exemption from school property taxes that increased from $10,000 to $60,000. The change would save eligible Texans about $900 to $1,000 annually, or up to $10,000 between ages 55 and 65. Homestead exemptions would rise by $40,000, raising exemptions to $180,000 for non-seniors and $240,000 for homeowners 55 and older. A senior with a $300,000 home would be taxed as if it were worth $60,000 rather than $100,000. Some lawmakers have expressed support.
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