HOUSTON – If you talk to homeowners about property taxes right now in Texas, almost everyone will tell you they’re way too high.
“I know that the amount that we pay has just about doubled over the last few, previous years,” said Josh Perez in Fort Bend County.
“They are high, they are extremely high,” said Don Neely.
“I’m tired of it. The property taxes, they are up too high,” said Jessica, a hard-working mother with growing children.
Now, a brand-new property tax relief bill aims to take $18 billion in the state budget, surplus money to lower the property taxes of all 5.7 million Texas homeowners.
“This is off-the-charts positive for everyone involved,” said State Sen. Paul Bettencourt.
The plan would raise the homestead exemption from $40,000 to $100,000 and cut school district tax rates by an average of 24%.
But what does that mean in real dollars?
According to Bettencourt, for the average priced home valued at $330,000, your tax bill would be reduced by more than $1,300 a year.
If you live in a $500,000 home, your yearly tax bill would be cut by roughly $3,000.
And if you live in a home valued at $900,000 to $1 million, your annual property tax savings would be $6,700.
Josh Perez said those kinds of reductions in property tax bills not only bring hope but would definitely be a big break, especially for growing families like his.
“Yes, any break in what we are having to pay would be good, considering how they’ve been going up every year for me,” Perez said.
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