WACO, Texas (KXXV) — Neighbors in Texas, who own their home, could soon see an even bigger tax break on their annual property taxes if Proposition 13 is passed by voters come Nov. 4.
Proposition 13 is an amendment and would raise the state’s homestead property tax exemption from $100,000 to $140,000 thus potentially saving homeowners hundreds of dollars each year in how much they pay in school property taxes.
State Representative Pat Curry explains this is a way to give back to Texans during tough times and rising costs.
"The legislature works really hard to try to answer to the needs of our constituents — but we’re trying to give the homeowners as much exemption and get as much money back and protect the property taxes from going up as much as we possibly can — from a state level,” State Rep. Curry said.
When it comes to financial loss to school districts, Rep. Curry said the state will pick up those expenses through billions in excess state funds that have already been approved by voters.
"The money for that, that the school districts and the cities and counties need comes out of a fund that's above the line for us that’s been approved by the voters," Rep. Curry said. "So it’s excess money that the State of Texas has that’s going back to the taxpayer — It’s a $11 billion by the way.”
25 News Bobby Poitevint asked, “So school districts are gonna get the same amount it’s just the property owners are gonna pay less because of this $11billion?”
“Correct, it’s actually $51billion over the last two cycles — It’s a huge huge tax piece,” Rep. Curry responded.
Rep. Curry said Proposition 13 has received bipartisan support and its actually gaining a lot of attention online esp from state law makers.
The proposition’s author State Senator Paul Bettencourt taking to Facebook calling it a, “good public policy to keep housing affordable."
Check out 25 News' previous coverage and what Rep. Curry said regarding other upcoming propositions by clicking here.
