You may have noticed in the headlines information regarding the proposed property tax reduction in Texas. But, just in case you missed it, it's not too late to get involved. On November 7, 2023,
Property Tax Relief Package- Homestead Exemptions Potentially Increase to $100,000
Dated: October 5 2023
Views: 440
You may have noticed in the headlines information regarding the proposed property tax reduction in Texas. But, just in case you missed it, it's not too late to get involved. On November 7, 2023, Texans will hit the polls to cast their ballots on the proposed property tax reduction that would apply for the 2023 tax year. The tax relief plan includes an increase in the state's homestead exemption from $40,000 to $100,000, which is a part of the home's value that can't be taxed to pay for public schools.
In this press release, Lieutenant Governor Dan Patrick said, "The combination of compression and the $100,000 homestead exemption is a powerful one-two punch that will cut school property taxes for the average priced home by $1,250 to $1,450 every year on their homesteaded property.
Another area that is important for NON-HOMESTEAD properties is the circuit breaker tax credit. This credit will limit how much property taxes can increase in a certain period in Texas. The credit would be available to non-homestead properties (properties that are not the owner’s primary residence) and would cap yearly appraisal increases at 20%. The program could provide tax relief for small businesses, which was a priority for Gov. Abbott.
While not affecting property taxes, there is also an increase in the relief bill for Texas franchise tax, increasing this exemption from $1.24 million to $2.47 million. If approved, this legislation will essentially eliminate franchise tax for roughly 40% of small and medium sized business in the state of Texas.
Even if you are currently renting, this proposal will have a significant affect on purchasing power and affordability for first time home buyers in our area, given the average sales price of homes. Property taxes, insurance, and interest rates are three major factors in the pre-approval process.
Be sure to mark your calendar for Nov 7, 2023 to get out and vote to approve this important relief package. For more information on the bill and it's impacts, check out this article from Kiplinger Finance.
Kayla Fisher
if passion drives you, let reason hold the reins. [benjamin franklin] as your agent, i will bring that to every discussion we have and hopefully to the table at closing. passion + reason....
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