Tuesday morning, the Texas senate announced its tax-relief package. The proposed legislation includes three bills and one joint resolution that would total nearly $4.6 billion in tax savings. Key among the provisions is a constitutional ban on the creation of any tax on real estate transactions.
SB 1 by Sen. Jane Nelson (R-Flower Mound) would provide nearly $2.5 billion in property-tax relief by setting the state-mandated homestead exemption to 25 percent of the state's home median market value. The exemption is currently a flat $15,000. For 2016, the estimated exemption would be $33,625 for every Texas homeowner—an increase of almost 125%. Setting the exemption as a percentage also means the exemption would rise along with property values.
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