Abbott Proposes Property Tax Changes for Texas Homeowners
· Texas Border Business
Texas Governor Greg Abbott announced a proposal on July 15 aimed at making homeownership more affordable by addressing rising property tax bills. He noted that while the homestead exemption has increased from $15,000 to $140,000, homeowners still face appraisal increases of up to 10% annually. Abbott's plan would limit appraisal increases to 3% per year and change the reappraisal cycle to every five years. Additionally, he proposed eliminating school district property taxes on homesteads, shifting the funding responsibility to the state, which he estimates would cost around $10 billion. Abbott emphasized the need for budget cuts in other areas to accommodate this change.
AI summary · Source: Texas Border Business →
