Proposals to cut property taxes by raising the Texas homestead exemption to $140,000 cleared a key hurdle Tuesday when a bipartisan committee voted unanimously to approve and send two bills to the full Senate.
Senate Bill 4 and Senate Joint Resolution 2, proposing an amendment to the Texas Constitution allowing the higher exemption, are priorities of Republican Lt. Gov. Dan Patrick, who leads the Senate.
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WATCH HEREIn 2023, voters approved raising the school district tax exemption from $40,000 to $100,000 after a hard-fought battle by lawmakers to enact an $18 billion property tax package that included some $12.7 billion in new cuts. That was estimated to have saved Texas homeowners an average of $700 on their bills.
The new homestead exemption amount would save homeowners an additional $363 per year on average, Bettencourt said.
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