Texans who are 55 and older may soon see relief in their property tax bills under a new proposal put forth by Texas Lt. Gov. Dan Patrick. The plan aims to freeze school-related property tax valuations at the year individuals turn 55, preventing any future increases in that portion of their tax bill.
In addition to this freeze, seniors will also benefit from an increase in the homestead exemption. The exemption, which is currently at $60,000, would see an additional $40,000 added to it, raising it to $180,000 for non-seniors and $240,000 for those 55 and older. This will significantly reduce the taxable value of homes, with some seniors seeing their tax bills based on a home value as low as $60,000.
Patrick believes that these measures will result in substantial savings for eligible Texans, estimating that individuals could save between $900 to $1,000 a year, with potential savings of up to $10,000 between ages 55 and 65. State Sen. Paul Bettencourt, R-Houston, chair of the Senate Local Government Committee, supports the proposal, emphasizing the long-term benefits it will provide to all Texas homeowners.
As Patrick seeks reelection, he acknowledges that while some progress has been made in reducing property taxes for homeowners, more needs to be done. The proposal, if approved by voters, would not only bring immediate relief to over-55s but also ensure ongoing savings in their ISD property tax bills. Overall, the plan aims to address the financial concerns of Texas seniors and provide much-needed relief on their property tax burdens.