Thanks to strong support from the Texas Association of REALTORS®, statewide Proposition 1 passed with 86% of the vote. This resounding victory will save the state’s current and future homeowners money in two ways:
- The homestead exemption will increase from $15,000 to $25,000, reducing homeowners’ property-tax burden.
- Passage of this proposition also means real estate transfer taxes are constitutionally prohibited, which saves consumers money when they buy or sell property.
Thanks to all REALTORS® for spreading the word about the importance of this ballot item.
In addition, statewide Proposition 7, which the Texas Association of REALTORS® also supported, passed with 83% of the vote. Proposition 7 will help provide long-term transportation solutions by allocating a portion of sales and use tax revenue to the state highway fund through 2032.
Original article: https://www.texasrealestate.com/advice-for-texas-realtors/article/texas-voters-overwhelmingly-support-tax-relief-for-homeowners
