On Wednesday, March 25, the Texas Senate passed landmark real estate legislation and it is thanks to all the REALTORS who made their voices heard in the most recent Call For Action.
The Senate passed its $4.6 billion tax-relief package that included two very favorable provisions for Texas REALTORS and homeowners: an outright ban on real estate taxes and an increased homestead exemption.
This is such exciting news! Under these new laws, the homestead exemption would be raised from a flat $15,000 to 25% of the statewide median value which is estimated at an amount of $34,500 for 2016.
Plus the language actually specifies that “A tax may not be imposed or collected on the conveyance of an interest in real property, including a conveyance by sale, lease or other transfer of title to or interest in the property.” Hopefully we will be able to make this historic change for the State of Texas!
Now the issue is being addressed in the House of Representatives and your support will be needed even more! Stay tuned for another Call to Action in the first weeks of April.