Texans are set to enjoy an enhanced homestead exemption, particularly benefiting seniors throughout the state. The current homestead exemption has seen significant growth over the past decade, marking a shift from the $15,000 exemption established in 2015 to an impressive $100,000. Following recent legislative sessions, plans have been proposed to further raise the exemption to $200,000 for seniors and $140,000 for non-seniors.
Lieutenant Governor Dan Patrick announced a pivotal change that lowers the age threshold for senior status from 65 to 55. This change means that those aged 55 and older will now have their property taxes and home values frozen, alleviating concerns over increasing appraisals for an additional decade. Patrick emphasized the importance of this adjustment, stating it will provide significant relief for many homeowners.
In addition to the current plans, Patrick expressed intentions to increase the homestead exemption by an additional $40,000 in the upcoming legislative session, indicating a commitment to further support property owners.
Randy Riggs, the Tax Assessor for McLennan County, praised these developments as a substantial win for homeowners. He noted that the exemption means less financial burden on individuals, as the state will absorb some of the tax responsibilities through these benefits.
Riggs also highlighted a common misunderstanding among residents regarding the scope of the homestead exemption, clarifying that it specifically pertains to individual homes rather than a general reduction in all tax obligations.
Furthermore, Lt. Governor Patrick is exploring the possibility of eliminating school taxes in conjunction with all property taxes through an increase in the sales tax. This proposal aims to shift the tax burden in a way that might be more beneficial to property owners, though specifics on this plan are still forthcoming.
