You can lower property taxes for you and your neighbors by voting FOR State of Texas Proposition 2 on the May 7 ballot.
A homestead exemption is a certain amount of value that is automatically subtracted from your residence homestead property tax valuation. That means that when your tax bill is calculated by your local taxing entities, they will assess your taxes based on the lowered value.
The State of Texas currently pays for a $25,000 reduction in your homestead property tax value when calculating your school district taxes. Some local taxing entities, like cities and counties, offer an additional homestead exemption. Approving State of Texas Proposition 2 means that the $25,000 exemption will increase to $40,000.
Learn more from the Texas Comptroller.
If the annual property tax valuation on your residence homestead is $300,000, the current homestead exemption automatically means your school district property tax bill will be based on $275,000 instead of the original $300,000.
Approving State of Texas Proposition 2 means that the exemption will increase to $40,000, so your $300,000 home’s annual school tax bill would be calculated on $260,000 (starting in 2023).
No. The State of Texas fully pays for this property tax relief. School funding would not be reduced by this proposition.