Texas Senate Republicans unveiled their plan to lower property taxes Tuesday, touting a $16.5 billion package they estimate will save the average homeowner nearly $800 on their tax bills for the next two years.
Senate Bill 3 raises the homestead exemption to $70,000. That exemption, the amount of your primary home’s value that is not taxed, is now $40,000. All 31 senators are joint authors of this proposal. SB 3 also triples the homestead exemptions for Texans who are disabled or over 65 to $30,000.
(Full story HERE.)
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