The largest property tax cut in Texas history was passed on November 7, 2023. Here are the key points of the bill and what you need to know.
- HOMESTEAD EXEMPTION TO INCREASE FROM $40,000 TO $100,000
- UP TO AN ADDITIONAL $15,000 EXEMPTION FOR CERTAIN ELDERLY AND DISABLED HOMEOWNERS FOR THE 2023 PROPERTY TAX YEAR
APPRAISAL REVIEW BOARD IN COUNTIES WITH A POPULATION GREATER THAN 75,000
- A CAP ON ANNUAL APPRAISED VALUE INCREASES FOR CERTAIN NON-HOMESTEAD PROPERTIES
For more detailed information visit the following resources:
Texas’ Proposition 4 would cut property taxes for homeowners, businesses | The Texas Tribune
Property-Tax Relief – Texas REALTORS® (texasrealestate.com)
Answering Your Questions About The Biggest Property Tax Break in Texas History – CandysDirt.com
