UPDATE: Today, Texas voters are casting their ballots on an urgent property tax relief measure known as Proposition 13. This proposition proposes to increase the homestead tax exemption from $100,000 to a substantial $140,000 for homeowners under 65, with even greater benefits for seniors aged 65 and older.
This election is critical as Texas homeowners have faced skyrocketing property values, resulting in escalating tax burdens. If approved, the new exemption would take effect starting with the 2025 tax bill, significantly easing financial pressure on homeowners.
Homeowners aged 65 and older will see their exemptions rise to $200,000, allowing many to potentially eliminate property tax payments entirely. The financial impact of these changes is significant, with estimates suggesting nearly $10 billion in general revenue losses for the state. However, the average homeowner under 65 could save approximately $484 on their property taxes this year alone.
It’s essential for Texans to ensure they have applied for the proper homestead status through their county tax office to qualify for these exemptions. The proposed changes come in response to overwhelming public demand for property tax relief, as evidenced by a similar measure passed in 2023 that raised the school-district tax exemption from $40,000 to $100,000.
Yet, the proposition isn’t without controversy. Critics, including education advocates, express concern that reducing property taxes could undermine funding for public schools, which rely on these revenues. Despite this, both Republican and Democratic lawmakers recognize the urgency of tax relief, making it politically challenging to oppose such measures.
The stakes are high today as Texans head to the polls. The outcome of Proposition 13 could reshape the financial landscape for homeowners across the state, emphasizing the pressing need for tax reform and relief. Stay tuned for results as they come in, and understand the implications this vote will have on property taxes and public funding in Texas.
