Overview
- Senate Bill 4 raises the general homestead exemption from $100,000 to $140,000 to reduce taxable home values for most Texas homeowners.
- Senate Bill 23 increases the additional exemption for seniors and those with disabilities from $10,000 to $60,000, delivering up to $200,000 in total relief.
- The combined package is estimated to cost Texas $4 billion over the next two years as part of a $51 billion biennium spending plan.
- A separate proposal would lift the business property exemption from $2,500 to $125,000, lowering taxes on inventory and office assets.
- Critics contend that the relief primarily favors homeowners and businesses and shifts the tax burden onto renters and commercial property owners.