Save $$$ with the New Property Tax Law
Texas is working to provide property tax relief to its homeowners and business owners.
While I’m grateful to live in a state with a great cost of living and many other benefits, I’m excited to see some relief with our property taxes!
That being said, here are three main ways homeowners will benefit from the tax relief:
- Our school property tax rate should lower by 10.7 cents for every $100 of value.
- The homestead exemption will increase from $40,000 to $100,000
- Property owners over the age of 65 will now have an exemption of $110,000 off their home value.
So how does the math work to benefit us?
According to Senator Paul Bettencourt, the average home price of $331,000 will save $1,300 a year in property taxes.
Of course, that doesn’t account for larger home values, the increased exemption for 65 and up homeowners or perpetually increasing home values - which is another reason why Texas has been a great state to invest in Real Estate!