Texas voters to decide on lowering property taxes in special election
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Texas voters will decide whether to lower their own property taxes.
Gov. Greg Abbott set a special election for May 7 for two statewide propositions.
One would lower property taxes for elderly and disabled Texans by reducing what they pay to public schools.
The other raises the homestead exemption from $25,000 to $40,000. That would save the average homeowner about $176 on their annual property tax bills.
If approved, Texas would use state funding to make up the lost revenue for local school districts.
For at least the first year, that money is expected to come from a $4.4 billion surplus. There’s no word on how the state will pay for it afterward.