In the election for a constitutional amendment on November 7, Texans will decide whether to increase relief from property taxes.
Proposition 4, which is derived from H.J.R. 2 from this year’s second extraordinary session, would:
- Increase the $100,000 general school district homestead exemption.
- Give the legislature the authority to cap the annual growth in the appraised value of non-homestead real estate.
- Make sure that the amount allocated for property tax relief is not deducted from the constitutional spending cap.
- In counties with more than 75,000 population, permit the legislature to establish four-year terms for members of the governing body of an appraisal agency.
It took months for the lawmakers to create the legislation earlier this year in order to make this exemption from property taxes possible.
Shortly after the 88th regular session concluded, Abbott convened a special session to discuss border security and property tax.
However, by the conclusion of the first special session, no measures had reached Governor Abbott’s desk. The split between the Texas House and Senate was the reason for the lack of advancement.
Abbott’s favoured property tax and border security proposals were enacted by the House on the first day of the first special session, giving the Senate little choice but to accept or reject them.
Lt. Gov. Dan Patrick steadfastly upheld the Senate’s pledge to Texans to increase the homestead exemption, which is the maximum amount of a home’s worth that may be deducted from taxes over the course of the next 30 days.
Around the end of June, Abbott summoned another special session, this time with the express purpose of addressing property tax relief, as no progress had been achieved.
Late July saw the successful signing of SB 2 and SB 3 into law, which were agreements on property tax relief laws.
Texas property owners will receive $18 billion in tax savings as a result of Abbott’s signed property tax relief laws.
Voters in Texas will need to approve the measure in a constitutional election on November 7 for it to become law. The adjustments will take effect for the January 2023 tax bills if they are authorised.