Texas property owners are one step closer to receiving a trio of tax breaks. Houston Public Media’s Andrew Schneider says Governor Greg Abbott signed three bills into law Monday afternoon in Denton.
Senate Bill 4 raises the school district homestead exemption to $140,000. Senate Bill 23 gives homeowning seniors and those with disabilities an extra exemption – up to $200,000. And House Bill 9 lifts the business personal property tax exemption to $125,000. Governor Abbott said that the state spent a total of 50 billion dollars this legislative session to pay for the tax cuts.
“Twenty-five percent, a quarter, of the Texas state budget is using money to return to you through tax cuts. No state in the history of America has devoted such a large percentage of their budget to tax relief in the United States of America.”
The two homestead exemption hikes must be approved by the voters as constitutional amendments this November before they can take effect. I’m Andrew Schneider in Houston.
