Texas Property Taxes: Your Guide to Proposition 13 and the Homestead Exemption
This November, Texas voters have the opportunity to directly impact their wallets through a number of propositions on the ballot. One of the most significant for Houston-area homeowners is Proposition 13, which focuses on increasing the homestead exemption. This measure is the result of Senate Bill 4, a major piece of property tax reform passed by the Texas legislature. If approved by voters, it would increase the homestead exemption from the current $100,000 to $140,000 for school district property taxes.
Why it Matters
For homeowners in the Houston area and across Texas, this proposition could provide meaningful and immediate property tax relief. The homestead exemption is a key tool for lowering your tax bill because it reduces the appraised value of your home on which school district taxes are calculated. School districts typically account for the largest portion of a Texas homeowner’s property tax bill.
For example, if your home is appraised at $300,000, and the new $140,000 exemption is approved, you would only be taxed on $160,000 of your home's value for school taxes. This is a substantial reduction that can translate into hundreds of dollars in savings annually. According to estimates from state lawmakers, the average Texas homeowner could save around $363 a year, with total savings potentially reaching close to $500 when combined with other tax rate compressions. For homeowners aged 65 or older or those with a disability, the savings could be even greater, as they are also eligible for an additional exemption that would increase from $10,000 to $60,000, bringing their total exemption up to $200,000.
What is Next
The fate of Proposition 13 and the other propositions lies in the hands of Texas voters. It is crucial to be informed and make your voice heard.
Do Your Research: Understand all 17 propositions on the ballot, not just the ones related to property taxes. The Texas Comptroller's office and other non-partisan organizations provide detailed breakdowns of each one.
Check Your Registration: Ensure you are registered to vote and that your voter information is up to date. You can easily check your status online through the Texas Secretary of State's website.
Find Your Polling Place: Know where and when to vote. Early voting is an option in many areas, including Harris County, and can be a convenient way to cast your ballot.
Educate Your Neighbors: Share this information with friends, family, and neighbors. A higher voter turnout means a stronger collective voice in the decisions that affect our communities and our property values.