The Texas House and Senate have completed work on an $18 billion compromise that could cut an estimated $1,300 from the average homeowner’s property tax bill.
The proposal, which took two special lawmaking sessions to pass, will be put to voters as a constitutional amendment on the Nov. 7 ballot.
A key proposal would raise the homestead exemption to $100,000 for all Texans. Homestead exemptions lower taxes by deducting part of the value of a primary residence owned by taxpayers.
Republican Houston Sen. Paul Bettencourt, who authored the plan, said the package would save the average homeowner about 41.5% on property taxes each year.