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How much Texas homeowners and businesses could save on their property tax bills under new deal

Under a new property tax deal in Texas, homeowners could see a reduction of at least $1,200 on their property tax bills over the next two years, while businesses might save around $1,000. This deal, which was passed by the Texas Legislature, includes an increase in the homestead exemption from $40,000 to $100,000, benefiting over 5 million homeowners. Additionally, the agreement aims to limit annual appraisal increases on non-homesteaded properties, such as rental homes and commercial properties, to 20% over three years. The package also allocates funds to school districts to lower their tax rates, with the goal of reducing the overall tax burden on Texans. The deal awaits voter approval in the upcoming November election.

Read the Full CBS News Article at:
[ https://www.cbsnews.com/texas/news/how-much-texas-homeowners-and-businesses-could-save-on-their-property-tax-bills-under-new-deal/ ]