Texas Homeowners Face Largest Tax Cut If November Measures Pass

Property tax reforms and homeowner financial benefits are prominent topics across the U.S. and Australia. In Texas, Governor Greg Abbott has signed a historic property tax relief package that could reduce the typical homeowner's tax by about $500 annually, contingent on voter approval this November; the plan includes raising homestead exemptions and expanding breaks for seniors and disabled homeowners, while significantly increasing business property tax exemptions. Meanwhile, in the broader U.S., property taxes have increased about 30% over five years, prompting states like Florida and Idaho to consider reforms or reductions, with Florida Governor Ron DeSantis supporting a constitutional amendment to eliminate property taxes. President Donald Trump has proposed eliminating capital gains taxes on home sales, potentially benefiting millions of homeowners who have seen significant property value increases; a Redfin report highlights that over a quarter of U.S. homes have gained at least $250,000 in value since purchase, creating substantial potential tax liabilities under current law. Additionally, Bankrate's study reveals that home equity nationwide has grown by 142% since 2020, with notable regional variations, particularly strong gains in the South and Midwest. Contrastingly, Australian economists warn that tax advantages for owner-occupied housing exacerbate income inequality by encouraging investment in housing over other assets, thus inflating home prices and widening wealth gaps.