The Texas House and Senate have agreed to cut the amount of taxes paid by homeowners who live in their primary residence and declare it to be their homestead.
Increases in the homestead exemption will be retroactive to this tax year if voters approve the changes presented on the Nov. 4 ballot.
Senators approved Senate Bill (SB) 4 30-0 in February and representatives agreed 143-0 on May 21.
SB 4 would increase the amount of a homestead’s value that could be excluded from taxation from $100,000 to $140,000.
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