If you’re a homeowner, the words “property tax” probably strike a chord with you. But let’s dive into the newly signed bill by Governor Abbott and what it means for homeowners.
In the realm of Texan property taxes, three bills have converged to create an $18 million tax relief package set to be voted on this November. So, make sure and exercise your civic duty and VOTE this November! The focal point of this relief package is Senate Bill 2, and it carries significant benefits for both homeowners and businesses. Let’s take a closer look at what this bill entails:
**1. Lowering School Property Tax Rates:** Senate Bill 2 seeks to ease the burden on homeowners and businesses by lowering the school property tax rate. This move aims to provide much-needed financial relief to those who have felt the weight of increasing property tax bills.
**2. Increased Homestead Property Exemption:** Under this bill, the homestead property exemption will see a substantial increase, from $40,000 to $100,000. This means that a larger portion of your property’s value will be exempt from taxation, putting more money back into the pockets of homeowners.
**3. Enhanced School Funding:** SB2 is not just about reducing property tax burdens. It also includes provisions for the state to increase its funding towards schools’ budgets. This additional financial support is designed to help schools meet their needs without relying solely on local property taxes.
**4. Appraisal Cap:** One of the significant components of Senate Bill 2 is the introduction of an appraisal cap. Properties valued at $5 million or less will have their annual appraisal increases limited to just 20%. This ensures that the growth in property values does not result in an unmanageable increase in property taxes for homeowners and small businesses.
This comprehensive property tax relief bill is the largest of its kind to date in Texas, and its primary goal is to benefit homeowners, business owners (both large and small), and schools alike. It is essential for all eligible homeowners to double-check their homestead exemption filings to ensure they receive the full benefits of this bill.
If you have any questions or need assistance with your homestead exemption filing, please feel free to reach out to me. Your financial well-being is our priority, and we are here to help you navigate these changes effectively.
If you found this information helpful, please consider leaving a comment, liking, and sharing this blog post with others who might benefit from understanding the impact of Senate Bill 2 on property taxes in Texas. Stay tuned for more updates and insights on real estate and tax-related matters!