As a Texas REALTOR®, I want to tell you about an important measure on the ballot this November—it’s called Proposition 1 and it will directly benefit you as a Texas homeowner.
First, let’s look at the official language:
“The constitutional amendment increasing the amount of the residence homestead exemption from ad valorem taxation for public school purposes from $15,000 to $25,000, providing for a reduction of the limitation on the total amount of ad valorem taxes that may be imposed for those purposes on the homestead of an elderly or disabled person to reflect the increased exemption amount, authorizing the legislature to prohibit subdivision that has adopted an optional residence homestead exemption from ad valorem taxation from reducing the amount of or repealing the exemption, and prohibiting the enactment of a law that imposes a transfer tax on a transaction that conveys fee simple title to real property”
I understand how this language might be scary and confusing, but here’s the breakdown of what this proposed amendment actually does.
1) Lowers property taxes by increasing the state-mandated homestead exemption, which saves you money … every year
2) Provides tax relief to seniors and disabled Texans by extending the full benefit of the new homestead exemption, which protects some of our most vulnerable homeowners
3) Prevents local governments from “undoing” the property tax relief the state is offering, which ensures you keep more of your hard-earned money
4) Prohibits state and local governments from slapping a sales tax on real estate transactions in Texas, which stops a tax that burdens consumers in 36 other states!
And … despite what you may have heard, Prop 1 does all this without harming our local school districts.
I hope you’ll head to the polls and Vote For Proposition 1—the Homeowner Tax Relief Proposition.
Election Day is November 3 and early voting runs from Oct. 19-30.
Dates to remember
- Monday, Oct. 19—Early voting begins (Download reminder)
- Friday, Oct. 30—Early voting ends
- Tuesday, Nov. 3—Election Day (Download reminder)
Please let me know if you have any questions …
Please visit TexansForProp1.com for more information!