UPDATED: With a 86% in favor Vote State Proposition 1 PASSED. State Proposition 1 – the Homeowner Tax Relief Proposition increases the state minimum homestead exemption for public schools from $15,000 to $25,000. The last time the homestead exemption was increased was in 1997 at which time it increased from $5,000 to $15,000.
With the passing of State Prop. 1, Spring Texas homeowners with a homestead exemption in Conroe, Klein, and Spring school districts will receive a reduction in their real estate taxes of $128, $139, and $147, respectively (based upon the 2015 tax rates). The reduction in real estate taxes will go into effect for the 2015 tax year. Granted the reduction is not a significant amount but it is a reduction.
A YES vote for Prop 1 will NOT impact the funding of our schools. The state of Texas has committed to making school districts whole. No school district will receive less tax revenue than it projected.
In addition to increasing the homestead exemption for public schools, Prop 1 constitutionally bans real estate transfer taxes. Texas does not have a real estate transfer tax but 36 other states do have a transfer tax. Let’s eliminate the possibility of a transfer tax. We do not need to increase the costs of buying and selling a home in Texas.
Thank You for Voting YES for State Prop 1 on November 3rd and lowering your Spring Texas real estate taxes and mine too!
Read also: Why are Texas Property Taxes so HIGH ?
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