As the state’s housing market rages, Texas homeowners will get a slight break on their property tax bills.
Sign up for The BriefAs the state’s housing market rages, Texas homeowners will get a slight break on their property tax bills after Texas voters overwhelmingly passed a pair of statewide ballot measures Saturday.
The projected savings under Proposition 2 are merely a sliver of any given homeowner’s property tax bill.“It’s not that meaningful,” said Chandra Kring Villanueva, a program director at the left-leaning nonprofit organization Every Texan who focuses on school finance. “What it’s really doing is slowing the growth of the school tax bill rather than seeing an actual savings for the majority of homeowners.
Texas homeowners’ property tax bills are among the highest in the nation — the result of the state’s reliance on property taxes to finance local governments, particularly public schools, as well as the lack of a state income tax. In general, the amount of property taxes a homeowner owes in a given year depends on the tax rates set by cities, counties and school districts where they live and the value of their home.There are measures in place to try to slow property tax growth.
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