Watch this video about State Prop 1

What does the State Prop 1 do?

  1. Lowers property taxes by increasing the state-mandated homestead exemption for school districts from $15,000 to $25,000, which saves you money … every year. Every Texas homeowner will save more than $125 every year.
  2. Provides tax relief to seniors and disabled Texans by extending the full benefit of the new homestead exemption, which protects some of our most vulnerable homeowners. The way the constitution is written, we have to “unfreeze” the current exemptions so we can increase it (to the new amount) … then we freeze it again at the higher exemption (this means lower taxes for seniors and disabled Texans).
  3. Prevents local governments from “undoing” the property tax relief the state is offering, which ensures you keep more of your hard-earned money.
  4. Prohibits state and local governments from slapping a sales tax on real estate transactions in Texas, which stops a tax that burdens consumers in 36 other states. This will remove a barrier to homeownership which will keep homeownership affordable as well as avoid double-taxation on property.

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