Home Ownership affects each and every one of us…whether you’re a current homeowner, or dreaming of making your first home purchase in the future, have a family member or friend who is working to provide a home for his/her family, or an aging parent that is living on a fixed income!
Any way you slice it, Proposition 1 is the most important piece of legislation that has come before Texas voters in a long time! It not only guarantees the homeowner immediate relief from their property taxes, but promises to protect Texans in the future from sales tax that could be placed on real estate transactions!
What does Prop 1 do for you as a homeowner?
- It increases the homestead exemption for school taxes from $15,000.00 to $25,000.00, and that includes seniors and disabled veterans!
- It is state mandated and it prevents local taxing authorities from “undoing” the tax relief that the higher homestead exemption provides!
- And..it prohibits state and local governments from ever…yes I said EVER charging state sales tax for a real estate transaction.
Texas is absorbing this exemption so that public school funding will not be affected and if Prop 1 passes, the decrease in property taxes will be immediate! You WILL see the higher exemption for homestead on your tax bill for 2015.
It is estimated that this year, every homeowner will save around $125.00. Nothing like a little extra Christmas money in your pocket!
Early voting has already begun – if you haven’t voted, please don't miss this opportunity to let your voice be heard and change the future for home ownership - vote YES for Prop 1!