How the May 2022 Election in Texas May Affect Property Taxes
On May 7, 2022, voters in Texas will decide whether to lower some property taxes that fund schools in a special election. Property taxes are collected on residential and commercial properties to help fund cities, counties, school districts, and special districts. Because Texas does not tax on income, Texans are charged higher property tax rates than most other states in the country. If passed, the two propositions on the May ballot this year would decrease property taxes and increase school funding by the state. Here’s what that could mean for voters in Texas:
The first proposition would reduce property taxes for elderly and disabled Texans by lowering their pay to public schools, which typically make up most of a homeowner’s tax bill. The state would then cover that reduced revenue for school districts. If approved, the measure would cost the state an estimated $600 million annually.
The second proposition would increase the homestead exemption for school district property taxes from $25,000 to $40,000. The increased exemption would take effect on January 1, 2022 and applies only to a tax year beginning on or after that date. The increase would cost an estimated $355 million in the year 2023.
Learn more about the May 7th election.
Johnson & Starr proudly serves Texas and Texans by providing property tax loans that save homes. Our goal is to provide all customers with the financial support they need and the peace of mind that comes with it. Learn more – give us a call today at 800-203-9157.