WACO, Texas (KXXV) — More tax cuts could be coming to Texas homeowners.
Proposition 11 is a constitutional amendment. If passed, it would raise the homestead exemption property tax for homeowners that are disabled and people that are considered elderly from $10K to $60K, easing how much they pay in their property taxes each year that goes to their local school district.
Lawmakers said it’s a way to give back when home appraisals continue to rise.
“It’s painful to see your appraisals going up by 10%, 10%, 10%, 20% — They’re being taxed out of their own home" said Waco’s State Representative Pat Curry.
He said this is a way the state can help out.
Rep. Curry added, "Property taxes are a huge issue for all of us. Honestly they’re out of control and the State of Texas doesn’t set a single property tax.” The District 56 representative continued, “We don’t have a state property tax, yet we get blamed for property taxes being out of control all the time and it’s a local election decision right."
That decision is being made right now during early voting and all the way up to Election Day on November 4. Representative Curry said with rising costs, times much change.
He said, “the elderly and disabled may have very well bought a home for $50-60K 30 or 40 years ago that’s currently valued at $600K. That’s a problem.”
Prop 11 isn’t the only homestead exemption on the ballot.
Proposition 13 would take the current homestead exemption for homeowners from $100K to $140K
Now if both props 11 and 13 pass, that’s some big savings for some homeowners.
“That actually takes that exemption at $140K up $200K for the elderly or disabled" Rep. Curry said.
Rep. Curry said the funding school districts would lose from these props passing would be made up through excess available state funds.
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