Texas Governor Abbott Signs Property Tax Relief Bill

Property Tax Relief Bill Signed

• 🏛️ Governor Abbott has signed Senate Bill 4 in Denton, a bill aimed at significantly lowering property taxes for Texans.
• 🏠 The bill increases the homestead exemption from $100,000 to $140,000, meaning less of a home's value will be taxed for public schools.
• 💰 On average, this change is expected to save homeowners approximately $360 per year.

Enhanced Exemptions and State Funding

• 👵 Disabled Texans and those aged 65 and older will see an increased exemption of $200,000, potentially eliminating school taxes for them.
• 💸 Governor Abbott stated that the legislative session allocated $50 billion towards property tax relief, a significant portion of the state budget.
• 🏦 While the bill reduces direct funding for school districts from property taxes, it includes provisions for state aid to offset this impact.

Voter Approval Required

• 🗳️ As the bill amends the state constitution, it requires voter approval in the upcoming November election to take effect.