Legislation passed this month would raise the state’s homestead exemption to $100,000, lower schools’ tax rates and put an appraisal cap on residential and commercial properties, among other measures. tx propertytaxes propertytaxcuts kprc2
, R-University Park, is the constitutional amendment that will go before voters in November and would authorize the state to enact the cuts in those two bills.
Owner-occupied properties that already have a homestead exemption would also see that benefit automatically increase from $40,000 to $100,000 with no action required. The expanded franchise tax exemption and 20% appraisal cap do not apply to property that already gets the homestead exemption. Texans 65 and older and those with disabilities, many of whom are on fixed or limited incomes, have had their school property taxes frozen for many years to protect them from rising tax rates and property values. But because of the way the $40,000 exemption increase was written, those homesteaders did not benefit from the higher exemption when voters approved it last year.
It wouldn’t be necessary for a business to be headquartered in Texas in order to get the property tax breaks; any land it owns within the state would qualify to receive the benefits if it doesn’t exceed the value limit. The tax-cuts package would also double the amount of revenue a business could make before it has to start paying franchise taxes from $1.24 million in a year to $2.47 million. The move would remove roughly 67,000 additional small-to-medium businesses from the franchise tax rolls.
Rental properties valued under $5 million each also would qualify for the year-over-year 20% cap on appraisal values for the next three years.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
EthStorage reaches $100 million valuation in seed token roundEthStorage, a crypto startup that aims to scale Ethereum storage via a Layer 2 network, has reached a $100 million valuation in a seed round.
Read more »
Listen up: this portable and wireless record player is under $100Jam out in style with this great deal
Read more »
Regulators unveil sweeping changes to capital rules for banks with $100 billion or more in assetsThe heightened requirements would apply to all banks with at least $100 billion in assets and would impact the biggest and most complex banks the most.
Read more »
Upstate New York Catholic diocese announces $100 million settlement for sexual abuse victimsThe settlement, which remains subject to a creditor vote and court approval, would provide $100 million to all victims of sexual abuse committed in the diocese by clergy, employees and volunteers.
Read more »
Upstate New York Catholic diocese announces $100 million settlement for sexual abuse victimsThe Roman Catholic Diocese of Syracuse on Thursday announced a $100 million settlement with people who say they were sexual abuse victims as part of its bankruptcy proceedings.
Read more »
GM warns of $100-billion hit from US emissions rulesUS automaker giant General Motors says the Biden administration’s vehicle emissions rules could cost the auto industry $100 billion in penalties in 2031, $300 billion over five years
Read more »