AUSTIN (Nexstar) — Texas Senators voted unanimously to increase the homestead exemption to a record amount for homeowners, but during the debate some lawmakers brought up concerns about local taxing entities offsetting the savings created by the state government.
The exemption would allow homeowners to deduct $140,000 off the appraised value of their home that is ultimately taxed by school districts. For senior and disabled homeowners the exemption would be raised to $150,000.
The tax exemption, along with a compression element on the average school district tax rate built inside Senate Bill 1, the Senate budget proposal, will combine to provide an estimated $496.57 in tax relief to average homeowners, according to Sen. Paul Bettencourt, R-Houston, the author of the bill…