Adapted from The Texas Tribune:
A $12.7 billion package of property tax cuts goes before voters on November 7, promising to deliver savings to millions of property owners in Texas.
There are five key parts to the tax-cuts package, including this one: $100,000 homestead exemption: An estimated $5.6 billion would be used to more than double the current $40,000 property tax exemption available to all Texans who own the home that serves as their primary residence.
A homestead exemption is the amount a homeowner can take off the value of the house they live in before it is taxed. For example, the owner of a $350,000 home is being taxed at $310,000 under the current exemption for most homeowners. The same house would be taxed only on $250,000 under the homestead exemption approved this year. If the changes in the tax code that require voter approval get the green light, they would mostly go into effect automatically with no action required by property owners.Tip: As part of the November 7 election, there will be 14 proposed amendments to the Texas Constitution. The one involving the tax cut referenced above is Proposition 4.
