Proposed Homestead Exemption Raised to $140,000 and $150,000 for Seniors
Texas Insider Report: AUSTIN, Texas – "I am proud to stand alongside Lt. Governor Patrick, Senator Bettencourt and my colleagues in delivering historic property tax relief to Texas homeowners. The unanimous vote on both SB4 and SJR2 shows our dedication to providing real savings to Texas homeowners," said South Texas State Senator Adam Hinojosa – whose Senate District 27 runs from Corpus Christi down to the Mexico Border –announcing the unanimous passage of Senate Bill 4 (SB4) and Senate Joint Resolution 2 (SJR2) in the Texas Senate.
SB4 and SJR2, which Senator Hinojosa joint-authored, work together to provide the largest property tax cut in history and would mark a major victory for Texas homeowners by increasing the homestead exemption for school district property taxes.
- SJR2 proposes a Constitutional Amendment to raise the homestead exemption from $100,000 to $140,000 giving homeowners additional savings on their property taxes with senior citizens having their exemption raised to $150,000.
- Additionally, SB4 would ensure that school districts are protected from revenue losses by providing state funding to offset the tax cuts.
"This is just the first steps – we now need to undergo the hard work of ensuring these tax cuts are not eaten up by the rising appraisal values," said Hinojosa.
"I look forward to working with my colleagues on addressing this, but for now we are celebrating another historic win for Texas."
"I look forward to working with my colleagues on addressing this, but for now we are celebrating another historic win for Texas."
With both bills now moving to the Texas House of Representatives, and SJR2 requiring voter approval in the next election, Senator Hinojosa urges swift adoption and passage to make this relief a reality.
