Texas voters have approved a measure that will provide tax relief for senior and disabled homeowners, as Proposition 11 garners support. This significant change will enhance the homestead property tax exemption for school district taxes, raising it from $10,000 to $60,000 for individuals aged 65 and older or those with disabilities.
Furthermore, should Proposition 13 also receive approval, elderly or disabled homeowners in Texas could benefit from homestead exemptions of up to $200,000. Proposition 13 proposes an increase in the standard tax exemption from $100,000 to $140,000.
The ballot for Proposition 11 included the following language: “The constitutional amendment authorizing the legislature to increase the amount of the exemption from ad valorem taxation by a school district of the market value of the residence homestead of a person who is elderly or disabled.” This amendment aims to reduce the taxable value of homes, thereby lowering the financial burden on homeowners for funding public schools.
In addition, the state will be obligated to compensate school districts for the revenue lost due to the increased exemption. Estimates from the Legislative Budget Board suggest that this initiative could cost the state over $1 million in the next two years.
Information regarding this development has been provided by the Texas Secretary of State’s Office, with specific details about SJR 85 sourced from the Texas Legislature.
