on how much property tax revenue cities, counties and other local taxing units can collect without seeking voter approval.
The other $9.7 billion would be new, but it’s not clear yet how they would be used. The money could go toward further buying down school property taxes or raising the homestead exemption again. That would net the owner of a $300,000 home at least $300 in savings on their annual tax bill, said state Sen.Texas voters approved a separate boost in the homestead exemption last year, which raised the exemption from $25,000 to $40,000. Factoring in that increase and the one being proposed this session, the typical homeowner could potentially save about $500 on their future tax bills, Bettencourt said.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more: