Texas homeowners may soon see a significant reduction in their property taxes thanks to two bills Governor Greg Abbott is slated to sign on Monday. According to a report by Click2Houston, the legislation includes Senate Bill 4, which will increase the homestead exemption from $100,000 to $140,000, a move that is set to, on average, save 5.7 million homeowners about $484 annually.
Further broadening the scope of relief, Senate Bill 23, as reported by the same Click2Houston article, aims to provide additional benefits to seniors and homeowners with disabilities by increasing their exemption to $60,000. This raise, coupled with SB 4's base exemption, brings the total exemption to $200,000, and is expected to save 2.08 million homeowners an average of $950.87 yearly. Governor Abbott will also put his pen to House Bill 9, which plans to raise the Business Personal Property exemption up to $125,000, thus saving small business owners an estimated average of $2,500 per annum.
The legislative action doesn't stop with property taxes. CBS News Texas reports that the bills' signings are set to take place in Denton County—a region known for its rapid growth and consequent high property tax burdens. These bills, once signed, will propose constitutional amendments that Texans can vote for in the November ballot, effectively giving citizens the power to push the tax relief over the final hurdle.
Simultaneously, Governor Abbott faces a ticking clock to make a decision on another bill that could severely to affect the state's hemp industry. The contentious Senate Bill 3, as per a report by CBS News Texas, contains provisions that would enact a ban on THC, with most provisions expected to take effect on September 1. The governor has until June 22 to act, lest the bill becomes law by default without his signature.
