Largest Property Tax Cut in Texas HistoryMay 19, 2023
Today we passed SB 3, the Property Tax Relief Act which is the largest property tax cut in Texas history. We have heard loud and clear from our constituents the need for property tax relief and I’m happy to say that we delivered with this monumental bill.
Highlights of SB 3:
- Caps annual appraisal increases to 5% for all property types (currently at 10%)
- Raises the homestead exemption to $100,000 (currently at $40,000) for all Texas homeowners and $110,000 for Texas Seniors
- Injects an additional $11.2 billion dollars into Public Education
On average, this will result in the owner of a $350,000 home seeing a savings of $1325 in FY 2024 and $1528 in FY 2025.