In a recent move by Governor Greg Abbott, Texas homeowners are set to receive substantial property tax relief through three newly signed bills. As detailed in a press release from the Office of the Texas Governor, the legislation primarily aims to increase homestead exemptions and curb the tax burdens on residences and businesses within the state.
During a ceremony at Robson Ranch Clubhouse in Denton, Abbott signed House Bill 9, Senate Bill 4, and Senate Bill 23 into law. In his address to over 125 attending supporters and business leaders, he boasted, "When I became Governor, the homestead exemption was $15,000," and continued to affirm, "With Senate Bill 4, the homestead exemption is now $140,000, an almost 1,000% increase." Seniors and disabled homeowners have even more to celebrate, with their exemption now "all the way up to $200,000." The Governor's commitment to further relieve Texans was clear when he vowed to continue to actively work to limit the power of local governments to raise property taxes, as stated by the Office of the Texas Governor.
Highlighting Texas' tax policies, Abbott pointed out to the assembled crowd, including business leaders and state officials like Congressman Brandon Gill and Speaker Dustin Burrows, that the Lone Star State maintains no income tax, no death tax, and no capital gains tax. Additionally, he emphasized the state's lack of direct imposition of property taxes, a responsibility that lies with local governments. The state, however, taking on an active role, allocated $50 billion for property tax relief, a measure Abbott hailed as "truly unprecedented," according to the Office of the Texas Governor.
Under the new legislation specifics, House Bill 9 is set to increase the business personal property tax exemption from $2,500 to a more spacious $125,000, thereby providing financial breathing room for local businesses. The Senate Bills were no less significant, with Senate Bill 4 raising the school district residence homestead exemption to a sturdy $140,000, and Senate Bill 23 ensuring that seniors and disabled individuals get to enjoy an exemption bracket that stretches up to a generous $200,000. Such measures are poised to tangibly reduce the property tax pressure within a vast spectrum of the Texan populace, as reported by the Office of the Texas Governor.
