The final hours of the 87th Texas Legislature brought big news for property taxes.
Texas voters will have a constitutional amendment on the May 7, 2022 ballot to increase the homestead exemption for school districts from $25,000 to $40,000 starting in the 2022 tax year. If it passes, the state will make up the difference in revenue for school districts.
Homestead exemptions are covered in the Texas Constitution and changing them requires approval from Texas voters. Texas REALTORS® will share more information as the election nears.
Source: Texas REALTORS®