WICHITA FALLS, Texas (KAUZ) – As property taxes continue to rise, millions of Texans could soon see relief.
This bill is actually a revision of House Law 3, also known as the School Finance Act, which took place during the last legislative period.
Texas Senator Drew Springer said it could affect around two million Texans.
“We have reduced the tax rate for everyone, but we have not reduced it for the elderly and the disabled so that the tax rate has stayed the same,” said Springer.
While this property tax break will save qualified homeowners thousands, it will bring total savings of $ 3 million nationwide. It is paid for through state sales taxes.
“We didn’t have it during the regular session simply because we thought we didn’t have enough money until the auditor came out and told us we had it because of the Texas economy,” Springer said.
Lisa Stephens-Musick, senior appraiser for the Wichita County Appraisal District, said this tax break is something she thinks will greatly help the 12,000 people aged 65 and over who have chosen to make Wichita Falls their permanent home.
“I really think the intention would have been if you got into the legislative process,” said Stephens-Musick. “When I watch it from a distance, it’s not uncommon for them to realize, ‘Oops, maybe we should have recalculated those caps.'”
And as long as homeowners have completed the proper records on their county’s valuation district, there is no need to apply for tax relief.
“It’s part of the process,” said Stephens-Musick. “If you have a homestead on your property, your date of birth is now stored in our system or we always check the voter registration, we automatically apply your exemption over 65.”
Springer said the Senate would have to wait for the Texas House of Representatives to vote on the bill before it could actually become law. If it doesn’t happen this week, seniors may not see these tax breaks until next year.
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