Summary
Texas is considering a new proposal to lower property tax burdens for older homeowners by changing the homestead tax exemption age from 65 to 55. This plan, called Operation Double Nickel, aims to reduce tax bills for many homeowners in Texas. The proposal could save about 3.3 million homeowners nearly $950 each year.
Key Facts
- The proposal is called Operation Double Nickel.
- It was introduced by Texas Lt. Governor Dan Patrick.
- The plan lowers the age for property tax exemption from 65 to 55.
- It would allow homeowners over 55 to lock in their school property tax values earlier.
- The plan could save about 3.3 million Texas homeowners nearly $950 annually.
- This change offers long-term predictability for tax bills if homeowners stay in their homes.
- Governor Greg Abbott has a separate proposal with similar goals.
- Abbott's plan includes limits on local government spending and requires voter approval for tax increases.
