Real estate
BY HANNAH NORTON
This November, voters across Texas will be asked to approve larger property tax breaks for homeowners and businesses. Gov. Greg Abbott signed the three proposals into law June 16, although voters will have the final say. If voters approve the constitutional amendments Nov. 4, homeowners will see increased exemptions from school district taxes. In turn, the state will spend $10 billon to ensure districts do not lose revenue. “These exemptions, once you vote for them in November, will be there... for life,” Sen. Paul Bettencourt, R-Houston, said June 16. Voters will have final say on property tax cuts
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In a June 11 interview, Abbott said that because the state does not levy property taxes, it also cannot make direct tax cuts. “Local jurisdictions, in my opinion, have imposed too much property taxes on our fellow Texans,” he said. To limit homeowners’ tax bills, Abbott has suggested requiring entities to receive two-thirds approval from local voters before they can raise tax rates.
The following proposed tax cuts will appear on the Nov. 4 ballot as state propositions.
Senate Bill 4 by Sen. Paul Bettencourt, R-Houston
• Raise the statewide tax exemption for all homeowners from $100,000 to $140,000 • Apply only to taxes levied by public schools • Save the average homeowner about $484 annually
Senate Bill 23 by Sen. Paul Bettencourt, R-Houston
• Give homeowners who are over 65 years old or have a disability a $200,000 exemption • Apply only to taxes levied by public schools • Save seniors and people with disabilities about $950 annually
Texas’ tax system Homeowners are taxed by over 3,700 local governments, including:
• School districts • Cities & counties • Hospital districts
• Junior college districts • Municipal utility districts
House Bill 9 by Rep. Morgan Meyer, R-University Park
• Exempt up to $125,000 of businesses’ inventory from taxation, up from $2,500 today • Save the average business owner about $2,500 annually
SOURCE: TEXAS COMPTROLLER OF PUBLIC ACCOUNTS/COMMUNITY IMPACT
SOURCES: TEXAS LEGISLATURE ONLINE, SEN. PAUL BETTENCOURT’S OFFICE/COMMUNITY IMPACT
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