Skyrocketing appraisal rates in some of the state’s most populated counties may result in homeowners actually paying more this year, despite efforts by the Legislature.
Even by increasing the Homestead Exemption by $10,000, Texas homeowners living in the 14 most populated counties will still see their school property taxes go up this year. That’s according to analysis put together by the Texas House Ways and Means Committee on the last days of the session. Dale Craymer is a budget expert with the Texas Taxpayer and Research Association and says in areas like Bexar County where appraisal rates rose by almost 12-percent, you will likely pay more this year.
“That means a home that was valued at $100-thousand has increased in value by $12-thousand dollars, the Homestead Exemption is going to take $10-thousand away from that but your taxable value is still going up by $2-thousand dollars, so you are still going to see your property value rise,” Craymer explained.
He added, “Odds are in this market because values are increasing so rapidly that the Homestead Exemption is not going to reduce the amount of property taxes you had to pay compared to last year.”
Craymer says on average homeowners will still save $130 on their property taxes, but for those living in those more populated counties, that $130 is off of the thousands of dollars they may owe.
At the Start of the session Governor Greg Abbott stressed to lawmakers that they pass some form of property tax relief and that its impact be long-lasting.
“When we see the way it turned out, which was to increase the Homestead Exemption, which I will think will remain permanent, I think that will be a very meaningful improvement,” Abbott noted.
But even Abbott says this session’s property tax relief effort was just a starting point to keep rates from skyrocketing in the future.
Voters in November will still need to approve the ballot measure.
