Thorndale

With only a few days left until the 89th Legislature concludes on Monday, the Senate spent its last full week negotiating key pieces of legislation with House representatives. This included each chamber concurring in a deal to deliver billions in property tax cuts to Texas homeowners and businesses. Thursday, the Senate concurred in House amendments to SB 4 and SB 23, two bills that would raise the amount of property value homeowners can write off before assessment. Should voters approve in November, the homestead exemption will rise to $140,000, up from $100,000. There’s even more for senior or disabled homeowners, who could claim up to $200,000 for their homestead exemption. Bill author and Houston Senator Paul Bettencourt told reporters at a press conference that this will save the average homeowner nearly $500 off their annual property tax bill, and nearly $1,000 for homeowners aged 65 or older. Most senior and disabled homeowners will see the M&O portion of school property taxes drop to zero, said Bettencourt, at a time when many are struggling with rising cost of living. “If you crank up the homestead exemptions on over-65 and disabled [homeowners], it lets them stay in their homes when they have the least amount of income in their lifetimes,” he said.