Insight
Seniors already receive a partial exemption from school property taxes, which was recently increased from $10,000 to $60,000.
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 takeaway