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Among other changes, the recently passed Proposition 4 will raise the homestead exemption to school property taxes from $40,000 to $100,000. Homeowners over 65 will get a larger tax break.
The $18 billion property tax-cut package is aimed squarely at lowering school district property taxes, which make up the lion’s share of a Texas landowner’s property tax bill.
Proposition 4 could usher in a bevy of property tax changes. That includes using $12.7 billion from a record state budget surplus to lower school district taxes.
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