East Texas Homeowners One Step Closer to Major Property Tax Relief

(KNUE-FM) East Texas homeowners may soon breathe a sigh of relief if this new plan to reduce property taxes passes after a November vote.

According to a Texas Tribune story, state lawmakers in Austin have given "unanimous preliminary approval."

What's in the Property Tax Proposal for East Texas Homeowners?

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According to a Dallas Morning News story, this most recent proposal would do a few things. Remember, the numbers continue to evolve in places as the law continues to be discussed.

As of this writing...

Big Increases for the Homestead Exemption: What You Need to Know

First, the homestead exemption would be raised from $100,000 to $140,000 if it passes. That's huge. So, a larger portion of the value of your home would be tax-free.

Furthermore, if you are a homeowner with a disability or are 65 or older, an additional $60,000 would be added, meaning a total exemption of $200,000.

READ MORE: What Happens If Your License Is REAL ID And Expires Before Vacation?

Texas Tribune reports:

"Both bills — key priorities for Lt. Gov. Dan Patrick, who leads the Texas Senate — must come back before the House Wednesday for a final vote before heading to Gov. Greg

Abbott’s desk."

What's Next for Texas Property Tax Relief?

It's looking quite likely, but I suppose it's best not to assume. Plus, there's one more hurdle to jump to make this a reality. Do Texas voters need to approve it in November?

Why is voter approval necessary? Because it would involve an amendment to our Texas Constitution.

Reminder: Make Sure You're Registered to Vote

So, if you're not 100% positive you are registered to vote, here's your friendly reminder. This could mean real savings for our East Texas families.