The highlight of the bill is Senate Bill 2, which lowers the school property tax rate for all homeowners and businesses. $12.6 billion has been allocated to reduce the school property tax rate by 10.7 cents per $100 valuation for all homeowners and business properties.
Another key component is a $5.3 billion expansion on the Texas homestead exemption. Texas homeowners will notice the homestead exemption increase from $40,000 to $100,000 and $110,000 for disabled homeowners and those over 65. If a homeowner has lived in their home but has never gotten the homestead exemption, they will need to apply for it through their county appraisal district office. The exemption is normally retroactive for two years. Once a homeowner has applied, the exemption stands until the homeowner no longer lives in the residence.
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