New Texas tax relief bills could mean savings if voters approve in November

Yahoo

3 days ago

SAN ANGELO, Texas (Concho Valley Homepage) — Property tax relief could be on the way for some homeowners. Senate Bill 4 and Senate Bill 32, passed by Texas lawmakers, are designed to cut costs for homeowners across the state. Tyler Johnson is the Tom Green County Chief Appraiser.
'Senate Bill 4 is to increase the homestead exemption that a person qualifies for a property they own and occupy. It increases the school exemption of their tax bill…from $100,000 to $140,000. On top of that, if you have a disabled person or someone over 65 exemption in prior years has been $10,000 and it will be increased to $60,000,' Johnson said.
The Texas Homestead Exemption is a tax break that reduces how much of your home's value is taxed. For many, that could mean several hundred dollars in savings a year. Recently, San Angelo voters approved a $397 million bond for San Angelo ISD, which increases the school district's tax rate for those with homes in the district.
'The entities that had bonds passed…those bonds could effect the amount of tax savings you see from the homestead exemption…so we won't know specifically how much the bon effects whatever tax savings come from the new legislation…but the legislation will help the overall increase a person would feel from the bonds that were passed,' Johnson said.
Before any of this can happen, voters in Tom Green County and across the state would need to approve a constitutional amendment in November. The amendment would officially change the Texas Constitution to allow these exemptions to take effect. If passed, the changes would apply to this tax year, which means you could see it reflected in your 2025 property tax bill.
'Once it becomes law, the district will implement the new district amount. If you already qualify for a resident homestead, we will update our system to reflect the new exemption starting in September with the idea that if it passes, it will already be associated with the tax bill you receive for your property after Oct. 1st,' Johnson said.
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