Texas voters to decide on 2 propositions that could impact property taxes

Texas voters have a chance to cast ballots on two propositions that could impact property taxes.While a North Texas state senator says lawmakers must come up with new legislation to help homeowners, some public policy groups say the state has extra revenue that can help.

Texans are caught in a vicious cycle: high home prices raise market value and then raise home appraisals even if you've made no improvements. Without a new income stream in the state, the cycle is hard to break. Mary Oliver cast her ballot on the first day of early voting for May 7municipal and school board elections and two statewide propositions.Prop 1 recalculates school tax rates for elderly and disabled homeowners. "Up to $40,000 of your property will be exempt from taxes based on homestead exemptions, and then it would be calculated from there," explained State Sen.

A majority of North Texas home appraisals are increasing this year. That’s not really a surprise, but some homeowners are shocked at 50% increases in their home value."The way our tax system is set up currently, when property values go up – and we all know what's been happening – the state collects more money. It's just as simple as that," said SMU economics professor Mike Davis."We don’t have a state income tax in Texas, and we don’t want it," West said.

Texas public schools get more than half of all property tax revenue. Because of the state’s robust economy, legislators have billions in extra dollars."If the legislature applies the $15 billion or so, it’s going to have in extra money down to the school district level and does so consistently over the next few years, we can actually eliminate school district maintenance and operation tax, which will provide immediate tax relief for taxpayers," Quintero said.

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As Texas home values skyrocket, state officials wrestle with how to slow property tax increasesTexas school districts, cities and counties rely heavily on property taxes to pay for roads, libraries, police, firefighters and public schools. But lowering tax bills has long been a difficult endeavor. I recommend a good hard look at Prop 13 and it’s consequences before heading down the same path. A few modifications might make it more workable. But beware the damage to the education system. And tax the commercial properties! We need a progressive state income tax. And a new government. Property taxes should be fixed at the purchase price, with a capital gains tax on proceeds from a future sale. Done, solved it. Nobody should be taxed out of their homes.
Source: TexasTribune - 🏆 441. / 53 Read more »