This November, you have an opportunity to be a part of a change to our constitution, giving you much-needed tax relief. Since property tax reform requires a constitutional amendment, this process requires a statewide vote.
As loan originators and financial advisors here in North Texas, FHL Texas understands the burden of current property tax rates on homeowners. This means that you can take the chance to have your voice be heard on this important issue, so be sure to vote in this upcoming November election. While the presidential races gain all of the headlines, there is a substantial opportunity to help homeowners in the state to feel some relief. After all, your property hasn’t changed, so why should your tax bill?
Texan Property Taxes Are At An All-Time High
During the pandemic, many families were looking for new homes, and this led to large increases in home valuations here in Texas. If you were looking for a new home at the peak of infection rates, then you understand the frenzy of people trying to buy a house in the Metroplex. While this may seem like a boon for sellers and agents, housing affordability is important in having a functioning society.
Since we have no statewide income tax, the fundraising burden lies disproportionately with homeowners, and these high valuations have started to pose a serious problem for the average taxpayer. Thankfully, the Texas State Legislature has a plan to reduce the impact of property taxes, but this effort needs your help!
What’s In The Tax Relief Plan?
The name for the constitutional amendment is titled House Joint Resolution 2, and it provides property tax relief for Texans in a few different ways. Firstly, this legislation includes funding for our local schools from the state itself, helping our districts to lower the amount that they need to receive from taxpayers. This is called “compression,” and since our schools currently make up the bulk of your tax bill, it can provide immediate relief.
In addition to tax compression, this new legislation increases the homestead exemption to $100,000. This is up from the current level of $40,000, giving you more than twice the tax relief if you own and currently live in your home.
Remember Your Property Tax Bill This November!
This election season, your local and statewide decisions may not gain the headlines, but there is legislation on the ballot to help you save more of what’s yours. Be sure to vote in this upcoming election and keep your property taxes fresh in your mind on November 7th!
Here at Family Home Loan Texas in Frisco, TX, we are dedicated to helping you make the right financial decisions. Learn more about your home financing options or HECM loan reverse mortgages, give us a call at 1-800-990-LEND(5363).