Texas Senate Approves Property Tax Relief Bill

The Texas Senate is advancing property tax relief measures aimed at homeowners, particularly benefiting seniors and disabled veterans. Senate Bill 4 proposes to increase the homestead exemption from $100,000 to $140,000, potentially saving the average homeowner approximately $363 annually. This initiative is part of a broader effort, as the state faces a significant housing shortage, with estimates indicating a need for 320,000 additional units. While the proposal is expected to cost the state around $3.1 billion over the next two years, lawmakers argue it will not shift costs to other taxpayers due to state funding provisions. The bill has garnered bipartisan support, with strong backing from Governor Greg Abbott, who has prioritized property tax cuts. Advocates for further relief are pushing for a more substantial reduction aligned with the state's projected $24 billion surplus.