Texas homestead tax exemption increase approved by citizens

AUSTIN-- Texans voted to approve Proposition 4 which will increase the homestead tax exemption and provide property tax relief, according to Associated Press forecasts.

With 40% of the vote reported, 84% voted in favor of the proposition.

The changes will apply to the 2023 tax bills due in January.

Proposition 4, originating from H.J.R 2 from the 2nd special session this year, will:

• Raise the basic school district homestead exemption to $100,000




Allow legislature to set a cap on yearly appraised-value boost for non-homestead real estate




Ensure appropriations for property tax relief does not count towards the constitutional costs limit



• Allow legislature to set four-year terms for members of an appraisal entity's governing body in counties with 75,000+ citizens

Why Texas' constitutional amendment elections traditionally have low voter turnout

Background

Efforts to make this real estate tax relief exemption possible took months to create in the legislature earlier this year.

Three hours after completion of the 88th routine session, Abbott immediately called a special session to attend to property tax and border security.

Election Results

No costs made it to Gov. Abbott's desk by the end of the first unique session. The absence of development pertained to the department in between the Texas House and Senate.

On the very first day of the first special session, your home passed Abbott's preferred real estate tax and border security expenses leaving the Senate with just 2 options: take it or leave it.

In the following 30 days, Lt. Gov. Dan Patrick stood securely on the Senate's pledge to Texans to raise the homestead exemption-- the amount of a home's worth that taxpayers can write off from their tax costs.

Turnout tracker: How many individuals have voted in the November 2023 election?

Without any progress made, Abbott called a second unique session around completion of June, this time to focus entirely on real estate tax relief.

A contract on real estate tax relief bills SB 2 and SB 3 made it to Abbott's desk and signed into law effectively in late July. The property tax relief bills signed by Abbott are an $18 billion tax cut for Texas property owners.