Texas House Approves $10 Billion Property Tax Cut, Offering Relief to Homeowners and Businesses

Collin County News

May 21, 2025 Maverick Tax Guardians

On May 20, 2025, the Texas House of Representatives approved two significant bills aimed at reducing property taxes, marking a major step toward a $10 billion tax relief package for homeowners and businesses. This legislative move is part of a broader effort to address the state’s property tax burden and provide financial relief to Texans.

Key Highlights:

Increased Homestead Exemption: One of the approved bills proposes raising the statewide homestead exemption from $100,000 to $140,000. This change would effectively reduce the taxable value of a homeowner’s primary residence, leading to lower property tax bills.
Enhanced Exemptions for Seniors and Disabled Texans: The legislation also includes provisions to increase property tax exemptions for individuals over 65 years old and those with disabilities. This targeted relief aims to assist some of the state’s most vulnerable populations.
Business Tax Relief: In addition to homeowner benefits, the bills provide tax cuts for businesses, aiming to stimulate economic growth and support the state’s commercial sector.

These measures are part of a concerted effort by Texas lawmakers to address the state’s property tax challenges. The proposed changes are expected to have a significant impact on taxpayers, offering substantial savings and contributing to the state’s economic vitality.

The bills now await further consideration and potential approval by the Texas Senate. If enacted, these changes would represent one of the most substantial property tax reforms in recent Texas history

Note: This summary is based on the information available as of May 20, 2025, and is intended for informational purposes. For the most current updates, please refer to official legislative sources.

Source
This news article is based on information from
Community Impact -“$10B property tax cut deal in sight as Texas House OKs larger tax breaks for homeowners” ( May 20, 2025). Retrieved from:https://communityimpact.com/austin/south-central-austin/texas-legislature/2025/05/20/10b-property-tax-cut-deal-in-sight-as-texas-house-oks-larger-tax-breaks-for-homeowners/