5 Things First Time Home Buyer Should Know About Senate Bill 3 Most Popular Component


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How do you pump billions of state dollars into public schools and give bigger tax breaks for homeowners? Texas Senate Bill 3. Here are a few things to know about the recently passed bill.

  1. The $16.5 Billion package to lower property tax was passed 3/22/2023
  2. Raise the amount of a home’s value that can’t be taxed from $40,000 to $70,000, with an additional $20,000 bump for seniors.
  3. Save homeowners who pays the state’s average school tax rate an additional $341 on their annual tax bill — and save seniors another $227 each year.
  4. Use part of the historic state surplus of nearly $33 billion to bring down property taxes
  5. Raise the State’s homestead exemption for school districts.

As always, thank you so much for stopping by, and remember, if you are thinking of purchasing your new home, or selling an existing one, please give us a call. We are here to help. 11 years and counting. Until next time...Diana

Image by Diana Walton

Source The Texas Tribune

Astor & Eaton Realty
Diana Walton
Broker
713.208.8013
WWW.astoreaton.com
Write to Diana Walton at homes@astoreaton.com
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Post Category: Property Taxes, Home Buying, Mortgage & Finance

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