Overview
- The Texas House and Senate have reached a bipartisan agreement on a $51 billion property tax relief package aimed at reducing tax burdens for homeowners and businesses over the next two years.
- Senate Bill 4 proposes increasing the homestead exemption for primary residences from $100,000 to $140,000, benefiting over 5.7 million homeowners statewide.
- Senate Bill 23 would raise the additional homestead exemption for seniors and disabled Texans from $10,000 to $60,000, providing a total exemption of $200,000 for eligible homeowners.
- House Bill 9 seeks to increase the business personal property tax exemption from $2,500 to $125,000, offering significant tax relief for businesses on inventory and office equipment.
- The package requires final approval from both chambers and Governor Greg Abbott, who has prioritized property tax relief as a legislative emergency for 2025.