Every homeowner in Texas may receive an additional tax bill for more property taxes before year-end. On November 3rd, Texans will head to the polls to vote on Proposition 1. The homestead exemption in the state of Texas hasn’t changed since 1997. Over the same period, median home values in Texas have risen from about $86,000 to $186,000.
If Proposition 1 fails – the homestead exemption will not be increased as planned and $1.24 billion in property taxes will be billed to homeowners as an extra bill before year-end.
If Proposition 1 is approved – Texas homeowners can anticipate their savings to be on average $130 in the first year depending upon school district. That savings will add up over the lifetime of home ownership.
- Everyone is receiving their new property tax statements.
- The amount of tax has declined because of the increased “homestead exemption.”
- The election on Nov 3 must pass Prop 1 to keep the reduced taxes.
- Early voting begins Oct 19.