On Tuesday, Governor Greg Abbott was sworn into office for his third term as Texas governor. For this term, he has probably seen complaints from Texans about property taxes. So he and Lieutenant Governor Dan Patrick both provided a hint at what they are working on for local Texans.
They want to lower your property taxes.
Texas doesn’t have an income tax for residents so a lot of taxes are made up in property taxes. Tax relief will be welcomed by many.
Governor Abbott said:
"We now have the largest budget surplus in the history of our state. But make no mistake, that money does not belong to the government. It belongs to the taxpayers. We will use that budget surplus to provide the largest property tax cut in Texas history."
Then Lieutenant Governor Patrick gave some more specific details. He said the budget would be released this week. Texas would raise the homestead exemption to $70,000 from $40,000.
The Texas Comptroller page states:
To qualify for the general residence homestead exemption an individual must have an ownership interest in the property and use the property as the individual's principal residence. An applicant is required to state that he or she does not claim an exemption on another residence homestead in or outside of Texas.
If you haven’t filed for homestead exemption, the paperwork is located here.
Do you welcome a property tax decrease for your home?