Property taxes are a hot topic right now, especially as home values keep rising, and two proposed amendments could bring some relief.
On May 7, voters will weigh in on two amendments. One would decrease property taxes for elderly and disabled Texans, while the other would increase the homestead exemption. If the proposition passes, it will freeze school taxes at a lower level. That means a lower tax bill for disabled adults and Texans 65 and older. The amount paid to schools typically makes up most of a homeowner’s tax bill. If proposition two passes, homestead exemption goes from $25,000 to $40,000 for school district property taxes. That means $100,000 would be taxed like it’s worth $60,000.