The deal would channel $12 billion to reduce the school property tax rate for homeowners and business properties, increase the homestead exemption, and create a pilot program to reduce taxes on certain residential and commercial properties. The legislation is expected to pass later this week.
You’re thinking of state income taxes. Texas doesn’t have those.
Property taxes are based on the appraisal value of your home (appraised yearly with the option to appeal the increases) times the tax rates for your school district and county (anywhere from something like 2%-6% depending on region, don’t quote me on those numbers).
You’re thinking of state income taxes. Texas doesn’t have those.
Property taxes are based on the appraisal value of your home (appraised yearly with the option to appeal the increases) times the tax rates for your school district and county (anywhere from something like 2%-6% depending on region, don’t quote me on those numbers).