Summary
Texas voters approved several constitutional amendments to reduce property taxes. These amendments include increased tax exemptions for homeowners, the elderly, and disabled people. The changes aim to ease the financial burden due to rising property values.
Key Facts
- Texas voters approved two key amendments, Proposition 11 and Proposition 13, which increase tax exemptions for homes.
- Proposition 11 raises the homestead exemption for elderly and disabled Texans from $10,000 to $60,000.
- Proposition 13 increases the homestead exemption for all homeowners from $100,000 to $140,000.
- Approximately 5.7 million homeowners in Texas would benefit from Proposition 13.
- The combined effect of Propositions 11 and 13 will increase exemptions for seniors and the disabled to $200,000.
- Proposition 8, which passed, prevents Texas from imposing estate, inheritance, or gift taxes.
- Texas's property tax rates are among the highest in the U.S., partly due to rising home values.
- Additional propositions include temporary property tax relief for homes destroyed by fire and measures to control property value increases near the border.
