On November 7^th, Texans will head to the polls to vote on 14 constitutional amendments, including significant property tax relief.

The 14 Texas constitutional amendments are on the November 7^th ballot, including broadband internet infrastructure and funding, increasing the mandatory retirement age for judges, farming and agriculture protection, and property tax relief, among others.

We will cover the property tax relief amendment (Proposition 4) here. If you are interested in the arguments for & against the other 13 amendments, check out the non-partisan Texas Tribune Voter Guide  (https://www.texastribune.org/2023/09/15/texas-constitutional-amendment-voter-guide/).

Proposition 4 – HJR 2 "The constitutional amendment to authorize the legislature to establish a temporary limit on the maximum appraised value of real property other than a residence homestead for ad valorem tax purposes; to increase the amount of the exemption from ad valorem taxation by a school district applicable to residence homesteads from $40,000 to $100,000; to adjust the amount of the limitation on school district ad valorem taxes imposed on the residence homesteads of the elderly or disabled to reflect increases in certain exemption amounts; to except certain appropriations to pay for ad valorem tax relief from the constitutional limitation on the rate of growth of appropriations; and to authorize the legislature to provide for a four-year term of office for a member of the board of directors of certain appraisal districts."

Ballot language can be a bit much, so here is what this means for you as a homeowner, commercial and investment property owner, vacation house owner, and/or small business owner. Long story short, if you fall into any of these categories, you will pay less taxes.

Specifically, for homeowners, this will raise the homestead exemption from $40,000 to $100,000 ($110,000 homeowners age 65+), saving the average homeowner ~40% on taxes (~$1,300/year). For those with second homes and investment and commercial properties, appraised value increases will be limited to a 20% increase annually.

For small business owners, this will provide Texas Franchise Tax relief by increasing the revenue exemption from $ 1.23 million to $ 2.47 million. Additionally, it will remove the requirement to file a no-tax due information report for businesses that don’t owe franchise tax due to the exemption.

To register to vote, you must fill out and submit a paper application. It must be postmarked by the Oct. 10 deadline. These are available at county voter registrars’ offices and some post offices, government offices, and libraries. You can also print out the online application and mail it to the voter registrar in your county.

You can only register to vote online if you renew your driver’s license online.

If you have moved, you will need to update your registration status. The address on your ID must match the address on your voter registration card. You can check your voter registration status on the Texas Secretary of State page at: https://teamrv-mvp.sos.texas.gov/MVP/mvp.do.

Dates to know for the 2023 November election:

Nov. 7 is Election Day.

References

https://www.texastribune.org/2023/09/15/texas-constitutional-amendment-voter-guide/?utm_source=Texas+Tribune+Newsletters&utm_campaign=16b9847286-trib-newsletters-thebrief&utm_medium=email&utm_term=0_-16b9847286-%5BLIST_EMAIL_ID%5D&mc_cid=16b9847286&mc_eid=826b3af6b0

https://capitol.texas.gov/tlodocs/882/analysis/html/SB00003H.htm

https://capitol.texas.gov/tlodocs/882/analysis/html/SB00002H.htm

https://www.texastribune.org/2023/07/11/texas-house-property-tax-cuts-deal/

https://www.ltgov.texas.gov/2023/07/12/lt-gov-dan-patrick-statement-on-the-unanimous-passage-of-senate-bills-2-and-3-property-and-franchise-tax-relief/