Get in Touch
Get in Touch

Texas Legislature Passes $18 Billion in Property Tax Relief

The Texas Legislature passed historic property tax relief for homeowners & small businesses in Texas.
Closeup portrait happy excited young business man executive looking monthly statement glad to pay off bills isolated grey background. Positive emotion facial expression. Financial success good news

Good news for homeowners & small businesses! After much debate, discussion, & 2 Special Sessions of the Texas Legislature, the Texas House & Senate finally passed $18 Billion in Property tax cuts. 

The package comprises three bills: Senate Bill 2, which addresses property taxes; Senate Bill 3, which provides franchise tax relief; House Joint Resolution 2, the constitutional amendment required to enact the tax cuts.

Senate Bill 2 (SB 2) raises the homestead exemption from $40,000 to $100,000 ($110,000 homeowners age 65+), saving the average homeowner ~40% on taxes (~$1,300/year).

Senate Bill 3 (SB 3) provides Texas Franchise Tax relief by increasing the revenue exemption from $1.23Mil to $2.47Mil. Additionally, SB 3 removes the requirement to file a no-tax due information report for businesses that don’t owe franchise tax due to the exemption.

In addition to the benefits for homesteads & small businesses, there is relief for non-homestead & commercial properties. These properties will be limited to a 20% increase in appraised value. In addition to decreasing property taxes for your home, you should also have some tax relief if you own a vacation house, rental house, or practice.

Voters must approve these bills because they require a constitutional amendment to take effect. Joint House Resolution (HJR 2) is the constitutional amendment to authorize these tax cuts. HJR 2 will be on the November 2023 ballot & it is expected to pass.

If you have moved or haven’t voted in a while, you may need to re-register to vote. You can check your voter registration status online on the Texas Secretary of State page at: remember to check your voter registration status & be prepared to vote for property tax relief this November!



Back to issue