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Texas Tax Reform: Senior and Disabled Homeowners Could See Thousands in Savings

Concerns loom over future years when Texas tax reform budget surpluses may not be able to sustain this relief. (Photo: Google)

When homeowners in Texas reach the age of 65 or become disabled and have a homestead, they reap the advantages of Texas tax reform through a property tax ceiling.

Senator Paul Bettencourt’s office suggests deducting the new Texas tax reform exemptions from the current tax ceiling directly. (Photo: Google)

In the realm of Texas tax reform, recent legislation targeting property tax relief, with a specific focus on assisting senior and disabled homeowners, has sparked inquiries regarding its true effectiveness.

According to an article published by WFAA, in Texas, recent Texas tax reform legislation aimed at property tax relief, particularly for senior and disabled homeowners, has raised questions about its actual impact. When homeowners reach the age of 65 or become disabled and have a homestead, they benefit from a property tax ceiling, which limits their school property tax to the amount paid in the year they qualify for these exemptions.

This ensures that their taxes don’t skyrocket with rising property values. The new Texas tax reform law introduces additional exemptions and reduces the school tax rate, raising hopes for even greater relief.

However, calculating the actual impact proved challenging, as a straightforward subtraction of exemptions from current home values often exceeded the tax ceiling. The solution proposed by Senator Paul Bettencourt’s office involves deducting the new Texas tax reform exemptions directly from the existing tax ceiling.

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This formula, along with anticipated tax rate reductions, is expected to substantially lower or even eliminate school tax bills for many senior and disabled homeowners.

According to an article published by Biz Journals, estimates suggest potential two-year savings of around $2,919.33 for qualifying homeowners. However, the Texas tax reform law’s implementation hinges on a constitutional amendment that Texas voters must approve in November.

If the Texas tax reform amendment passes, homeowners can expect significant tax savings, with the state covering the difference for school districts in the short term due to a budget surplus. However, concerns arise about future years when Texas tax reform budget surpluses might not be available to sustain this relief.

While the new Texas tax reform law promises substantial property tax relief for eligible homeowners, its long-term sustainability remains uncertain, and the final impact will depend on the outcome of the November vote and future budget conditions.

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