What Is The Texas Homestead Exemption

What Is The Texas Homestead Exemption

Austin voters on Nov. 32015 voted- and passed proposition one. 

2700 Coatbridge Dr.Proposition 1 is for all homeowners in the state of Texas. Voted through, Texas homeowners have an additional $10K exemption for homestead properties, raising the total exemption from $15k to $25K and ban real estate transfer taxes of your home’s sale permanently. Yeah!!!! Thanks Texans.

Seniors and those with disabilities will receive a tax cap, giving them financial relief from the increasing value of their home as Austin’s prices are still forecast to rise in value as more people move to Texas.  Austin was voted [again] as Forbes #1 Fastest Growing City 2016 "Austin regains the No. 1 spot after being toppled by Houston last year. Thanks to its booming technology, pharmaceutical and biotech industries, low cost of living, and cachet, the Austin economy remains on fire. Hordes of people are moving in (Austin’s projected 3.15% population growth rate in 2016 is the highest among the 100 metro areas we examined) to take advantage of Austin’s job opportunities (employment expanded 3.28% last year). The city has topped our list of Fastest-Growing Cities for five of the past six years (last year it slipped to second place)."

Constitutionally this Proposition bans real estate transfer tax.

What about school funding? According to several articles, the funds typically paid to the Texas school systems would be lower over a 2 year period; the schools system are eligible to receive additional state aid from the Foundation School Fund.

In an article by Mark Lehman, vice president of  governmental affairs for the Texas Assn. of Realtor’s, he states: “Proposition 1 lowers property taxes, bans a sales tax on real estate, saves money for seniors and disabled Texans, and mandates that Texas reimburse local school districts for any loss in revenue.”Texas' voter ID

Proposition 2 concerned authorizing exemption from ad valorum tax to all or part of the market value of the residence homestead to the surviving spouse of a 100% disabled or totally disabled veteran who died before the law authorizing a homestead exemption before such a veteran took effect.

For more information go to Texas Comptroller's site.

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Dated: March 30th 2016
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