The Texas Senate has unanimously agreed to approve $16.5 billion in property tax relief for Texas homeowners, according to Senator Paul Bettencourt.
Senate has unanimously agreed to approve $16.5 billion in property tax relief for Texas homeowners, according to Senator Paul Bettencourt.
If approved by Texas voters, SB 3, will save 5.72 million Texas homestead owners $798 per year when they see their next tax bill in the fall by raising the Homestead Exemption 75% to $70,000. SB 3 will also save 2.07 million homestead owners over 65 and disabled $1,062 plus per year by tripling the over 65 and disabled exemption to $30,000. It would be added ot the $70,000 homestead exemption for a whopping $100,000 in total exemptions for over 65 and disabled Texas homesteaders, officials said.
SB 5, which was filed by Senator Parker from Flower Mound, Texas, will create an Inventory Teax Credit totaling $1.275 billion. First, SB 5 will raise the Business Personal Property Exemption to $25,000 from $2,500 for $225 million totaling $1.5 billion. Officials said it will also cut business compliance costs, therefore saving businesses more money.
SJR 3 is the Constitutional Amendment that voters will vote on during the November 2023 General Election if passed by the Texas House. If approved by voters, the Senate’s unprecedented Property Tax Relief Plan consisting of SB 3, SB 4, and SB 5 will go into effect.
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