Normally I don’t post my opinion on political issues. However, on November 3, 2015 Texas voters have the opportunity to secure permanent tax savings for Texas homeowners. As a homeowner, tax payer and Realtor, I feel like this is just too important an issue to remain silent on.
Despite the typically complicated wording, Proposition 1 is really pretty simple. It basically ensures permanent tax relief for Texas homeowners in 3 ways:
- It increases the homestead exemption amount from $15,000 to $25,000.
- It ensures that those over 65 and those who have a disability exemption to benefit from this increased exemption.
- It guarantees there can never be a transfer tax on the sale of real estate.
The exact wording of the proposition from the VoteTexas.gov site is below:
Proposition 1 – SJR 1
“The constitutional amendment increasing the amount of the residence homestead exemption from ad valorem taxation for public school purposes from $15,000 to $25,000, providing for a reduction of the limitation on the total amount of ad valorem taxes that may be imposed for those purposes on the homestead of an elderly or disabled person to reflect the increased exemption amount, authorizing the legislature to prohibit a political subdivision that has adopted an optional residence homestead exemption from ad valorem taxation from reducing the amount of or repealing the exemption, and prohibiting the enactment of a law that imposes a transfer tax on a transaction that conveys fee simple title to real property.”
Early voting starts October 19th and runs through October 30th. The election is on November 3rd. I hope you will all make every effort to turn out and vote.