Texas proposes property tax cuts for homeowners 55+
Summary
Texas is proposing property tax cuts for homeowners aged 55 and over, freezing school property tax valuations at age 55 and increasing homestead exemptions. Hosts in Texas who are 55 or older with primary residences should understand how this may impact their tax burden.
Key Insights
- •Seniors already receive a partial exemption from school property taxes, which was recently increased from $10,000 to $60,000.
- •The proposal would save eligible Texans about $900 to $1,000 a year, or up to $10,000 between ages 55 and 65.
- •The proposal would freeze school-related property tax valuations for homeowners 55 and over, preventing future increases in that portion of their tax bill.
Action Items
- ✓Texas hosts who are 55 or older should familiarize themselves with the proposed changes and assess how the proposed tax savings could impact their finances.Effort: lowImpact: medium
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