Two proposed constitutional amendments would lower property taxes for homeowners if they are approved by voters on May 7.
The first proposition looks to reduce the amount of taxes that elementary and secondary public schools could impose on homeowners who are elderly or disabled. The changes would go into effect on January 1, 2023, and are estimated to cost more than $744 million between 2024 and 2026.
The second proposed constitutional amendment is also focused on property tax. If approved, the amendment would increase the amount of the homestead exemption from $25,000 to $40,000. The proposal would save homeowners an average of $176 on their property tax bill, the Texas Tribune reported.
The state plans to use its surplus to help offset the loss in revenue for schools if the amendments are approved by the voters.
Both amendments, which garnered bipartisan support from the Texas Legislature, are expected to pass.
Property taxes have become a major issue for homeowners home prices have skyrocketed in the last few years.
In Bexar County, home appraisals are up by an average of 28%, according to the Bexar Appraisal District.
Property owners can check to see if they are claiming all exemptions they qualify for, such as homestead, over-65, and disabled veterans, by visiting the district’s website bcad.org.
Read the full text of the proposed constitutional amendments here.