per Texas Association of Realtors Notice; "Texas Legislature Reaches Historic Deal on Property Tax Reform" July 2023
Texas Legislature Reaches Historic Deal on Property Tax Reform The deal is the largest-ever legislative effort to rein in skyrocketing property taxes and keep homeownership attainable and sustainable for Texans. July 10, 2023 — Austin The Texas Legislature is poised to approve more than $18 billion to rein in Texas property taxes. The compromise reached between the House and Senate will include a $100,000 homestead exemption, $12 billion to buy down local school tax rates, and a pilot program to impact appraised values, targeted toward small businesses. “Texas REALTORS® appreciates that the compromise includes an increase in residence homestead exemptions to $100,000 as prioritized by the Lt. Governor and Senate during the 88th regular session, which will help all 5.7 million Texas homeowners. We are also pleased to see thoughtful consideration given to the House’s concerns about the property tax burden on non-homestead properties, such as rental properties and small businesses,”...