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Texas Gov. Greg Abbott signs property tax relief bills that could save homeowners thousands of dollars

Gov. Abbott signs property tax relief bill
Gov. Abbott signs property tax relief bill 03:53

Texas Gov. Greg Abbott signed three bills on Monday that he says will bring more property tax relief to millions of Texas homeowners and businesses.

Abbott signed House Bill 9, 365bet¹Ù·½ÍøÕ¾ Bill 4 and 365bet¹Ù·½ÍøÕ¾ Bill 23 into law during a ceremony at the Robson Ranch, a retirement community in Denton.

Now it's up to residents and business owners to make it final. Voters have to approve this constitutional amendment during the election this November. 

Texas House Bill 9

House Bill 9 increases the business personal property tax exemption from $2,500 to $125,000.     

Texas 365bet¹Ù·½ÍøÕ¾ Bill 4

365bet¹Ù·½ÍøÕ¾ Bill 4 will raise the overall homestead exemption from $100,000 to $140,000. 

Texas 365bet¹Ù·½ÍøÕ¾ Bill 23

365bet¹Ù·½ÍøÕ¾ Bill 23 will raise the exemption to $200,000 for homeowners who are disabled or 65 years of age or older. 

How this translates to the savings

The average homeowner will save nearly an extra $500 on their property taxes and when you combine the savings from 2023, which are still in effect, it totals about $1,750.

For those 65 and older and the disabled, they'll get an extra $900, bringing the total savings to more than $2,300. With an increase in exemptions for businesses, the savings could be about $,2500. 

For homeowners, the homestead exemption will be reflected in the school property tax only, which is the largest portion of the bill.

The state will use less property tax money to fund public schools and instead rely more on the state sales tax and other state revenues.

For business owners, they'll see their exemption increase reflected on their school, county and city property taxes.

The governor explained why the constitutional amendment is so important.

"We want to make sure we do more than pass a law for this session that could be overturned by a majority next session," said Abbott. "We want to make sure we pass laws that are enduring that would require two-thirds votes, which mathematically would mean concerning a tax not in the lifetime of anyone in this room, are you going to get a two-thirds vote to increase the tax?"

The governor said that in the future, he hopes to further restrict cities and counties from increasing their property taxes.  

Will Abbott veto the Texas ban on THC cannabis products? 

While Monday's focus is on property tax relief, Abbott is facing mounting pressure to make a decision on , a hot-button piece of legislation that could drastically impact Texas' hemp industry. 

The governor has less than a week until the ban on THC automatically becomes a law without his signature. If it goes into effect, most provisions would take effect on Sept. 1.

Abbott has until June 22 to make a decision.

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