SB 3 by Bettencourt: Property Tax Relief

Provides property tax relief to some Texas taxpayers in the form of an increase to the homestead exemption. SB 3 would use $3.4 billion to increase the homestead exemption from $40,000 to $70,000. Using an additional $0.5 billion, SB 3 would also increase the homestead exemption by an additional $30,000 to $100,000 total for seniors/disabled. In total, SB 3 would use $3.9 billion. This would result in an estimated annual savings of about $800 for a $350,000 home. For this reason, TFR supports this bill, although we encourage amendments to increase the amount of the exemption to at least $100,000 for all of those who have homestead property.

Note… House has made the bill stronger by adding more compression and increasing exemption to $100k for homesteaded taxpayers. They are now only $4B away from the largest property tax cut in Texas history. We encourage an amendment to increase the compression to 20 cents.