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Texas passed the largest property tax cut in history

new residential Homestead Tax Exemption
Unfortunately for many, you may not feel like popping the bubbly when you get your dreaded property tax bill. As home prices rise, so do property taxes.

Texas passed the largest property tax cut in history. 

Stay informed about significant changes to Texas residential property taxes. Staying informed and protesting your property values is the only way to ensure you never overpay.

 

Prop 4 and what it means

  • The new residential Homestead Tax Exemption will be increased to $100,000 (up from the current level of $40,000).

This legislative change allows the surplus from the state budget to decrease property taxes, primarily focusing on school taxes. By reducing the school tax rate by 10.7 cents for every $100 of property valuation, property owners will experience a decrease in their taxes. In Texas, school taxes often make up more than half of a property tax bill, and this reduction will benefit all property owners, even those without exemptions. Proposition 4 allocates over $12 billion to decrease the local school property tax rate for homeowners and businesses.

In addition, the law now enables the Legislature to set a four-year term for Board of Directors members at certain Appraisal Districts. This change will make three members of any appraisal district board elected positions, allowing the public to have more involvement in the management and leadership of their County Appraisal District.

In simpler terms, the new law uses extra state budget money to lower property taxes, especially school-related ones. This means less tax for homeowners and businesses. Also, some people who help decide how much your property is worth will now be chosen by public vote, giving you more say in the process.

Should I still protest my property taxes? 

YES! The homestead exemption is applied after your tax-appraised value is determined.

Although protesting may not reduce your tax bill in that tax year, it may prevent the county from locking in an automatic 10% tax increase year after year, which helps you and your neighbors. 

 

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Unfortunately for many, you may not feel like popping the bubbly when you get your dreaded property tax bill. As home prices rise, so do property taxes.

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Home Tax Check (formally Bexar Tax Check) is the residential division of Assessment Technologies, LTD. Services are not intended for commercial properties. Please visit atechltd.com for more information on business services.