The second called special session of the Texas Legislature this summer ended late last week with a major property tax relief bill passed by both houses and sent to Governor Abbott for his signature. The measure will place another item on the Nov. 7 Constitutional Amendment election ballot for approval.
“The comprehensive relief package we passed yesterday is a huge step in addressing skyrocketing property tax bills that Texans have been hit with for the last few years,” said State Representative Andrew Murr last Friday. The bill directs $18 billion toward local school rate compression, which will mean about 10.7 cents off the school tax rate set by school districts statewide.
The legislation, if approved by voters, will increase the homestead exemption from $40,000 to $100,000 which will give the average homeowner a savings of $1,000 or more each year on school taxes. The homestead exemption is only valid for the maintenance and operations portion of the school taxes and will not impact county taxes, city taxes or water districts in Kerr County. The tax savings will be effective with the 2024 tax year so Texans will see an immediate benefit from the legislation, if approved.
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