2 Things First time home buyers need to know About the Texas $17 Billion House Bill 2
Good morning and happy Friday. The Texas House Bill 2 (HB2) aimed is to provide property tax relief to homeowners and businesses across the state. Although this bill is now competing with the Senate's $16.5 billion tax relief plan that was passed in March, here are two things homeowners may want to know about this bill.
First up, the average homeowner may save well over $1,000 in the next two years. Under current state law, the appraised value of residential property can increase by 10% each year. HB 2 would prevent residential property values from increasing by more than 5% annually. According House Speaker Dade Phelan's tweet, the owner of a $350,000 home would pay $542 less on their 2024 property tax bill and $733 less in 2025 with amounts increasing year over year.
Next, the House’s proposal would cut property tax rates for school districts, which would reduces school property taxes by 28%. So said House Speaker Phelan. The state would then provide districts with $12 billion to make up for the loss, since property tax revenue funds Texas public schools.
So there you have it. Helping to keep you in the know. We hope you enjoyed your visit with us today. As always, thank you so much for stopping by. Until next time…Diana.
Source: Texas Tribune: Kut.org and Capitol.Texas.gov
Image by Diana