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 ?
We entrusted Jill Wente with the sale of our current home and purchase of a new home. From the beginning... read moreWe entrusted Jill Wente with the sale of our current home and purchase of a new home. From the beginning she was extremely up front and honest about exactly what we would need to do to get our house sold. We had an incredibly tight timeline, that she explained would be difficult to make - but she helped us make it happen and our house was under contract in 2 days! She had recommendations for all our home repair needs and they were all professional and fairly priced. She worked hard to really sell our offer for our new home - she was able to pull off the tight timeline, securing a rent back from our old house so we had time to move out, and a contingency for our new home. Definitely exceeded our expectations. She was so helpful along the way - as first time home sellers we really relied on her and we feel lucky to have worked with her! You will not regret working with Jill! read less