A planned increase in Texas' homestead exemption could potentially save homeowners thousands of dollars over the lifetime of their homes.
on Local Government, said a proposed bill would raise the homestead exemption from $40,000 to $70,000 – thus, reducing property taxes for homeowners. "These are huge savings. For an average Dallas [Independent School District] home … for the rest of your life, you’ll save $826 per year. And that’s an additional $355 because of this increase, because of what was already there before," Bettencourt said."Exemptions are very powerful tools to keep homeowners in their homes.
Lt. Gov. Dan Patrick proposed raising the current homestead exemption to school district property taxes from $40,000 to $70,000 earlier this month, the. He said it would save Texans"thousands of dollars" over the lifetime of a home. "The governor and the speaker and the members will come together, and we’ll find a way that’s long-term property tax relief with billions of dollars from this surplus, because you come first," he said."It’s your money."
The Senate included the proposal in its state budget, which hauled in a record-setting surplus of nearly $33 billion, topping the forecasted surplus by $6 billion. Bradford Betz is a Fox News Digital breaking reporter covering crime,Get the latest updates from the 2024 campaign trail, exclusive interviews and more Fox News politics content.
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