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FILE – Single-family homes in Arlington, Virginia, are pictured on July 19, 2022. (Photo by Suzanne Kreiter/The Boston Globe via Getty Images)
Texas senior and disabled homeowners appeared likely to see an increase in their homestead tax exemption as voters were on track to pass Proposition 11.
SJR 85 would increase the homestead property tax exemption for school district taxes from $10,000 to $60,000 for people who are disabled or 65 years old or older.
Ballot 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.”
The amendment would discount how much a home’s value can be taxed to pay for public schools.
Elderly or disabled Texas homeowners could get homestead exemptions up to $200,000 if Proposition 13 also passes. Proposition 13 would increase the normal tax exemption from $100,000 to $140,000.
The state would be required to help replace the money to school districts lost because of the increased exemption. According to the Legislative Budget Board, this could cost the state more than $1million over the next two years.
The Source: Information in this article comes from the Texas Secretary of State’s Office. Information on SJR 85 comes from the Texas Legislature.