Texans want to save $ on property taxes

VoteIf you live in Texas, you are probably aware that we have some proposed constitutional amendments on the November 3, 2015 ballot. Hopefully you have already registered to vote. You can vote early now through October 30th.  

 

Do you own a home in Texas?  

Do you want to own a home in Texas someday?  

 

If you answered yes, then this information is for you.  Texans have an awesome opportunity to vote to SAVE MONEY on property taxes (now and in the future). Proposition 1 allows for the homestead exemption to be raised from $15,000 to $25,000 per year (saving the average family $120 per year).  It also bans a transfer sales tax on real estate forever (saving thousands every time a home is bought/sold).

 

GUYS, THIS IS HUGE!  

 

Many people have fought long and hard to get these taxes reduced and future taxes banned forever. moneyThis is our chance to help save money for Texans now, and into the future.  However, the wording on the ballot is a little complicated.  The confusing language on the ballot definitely distracts from the intent of the proposition, and it cetainly makes it easy to misunderstand what you are voting for.  

For example, I heard someone ask if Proposition 1 would hurt school funding. They thought that if we lowered property taxes, schools would be hurt in the process (since they get their budget from property taxes).  However, this is simply not true.  The Texas Legislature made it absolutely clear  that school districts will NOT lose any funding as a result of the property-tax reduction.  Not only does Proposition 1 lower property taxes, it mandates that Texas reimburse local school districts for any loss in revenue.

 

The key things to note are:

1. This lowers property taxes for ALL Texans (by increasing the homestead exemption). This includes lowering taxes for the disabled and elderly homeowners too. The average savings will be $120 per year, and the savings start immediately.

2. This bans forever a sales tax or transfer tax on real estate when a home is sold/bought. This saves money in the future for anyone wanting to buy or sell a home in Texas.  Average savings could be $7500-$10,000 per home sale or more.

3. This does not cause schools to lose any funding.  Period.

 

Now that you have the facts, get out there and VOTE YES for Prop 1 on November 3, 2015.  Heck, go vote early (and skip the lines).  Early voting runs now through 10/30/15.

 

For more information about where to vote, visit: http://www.votetexas.gov/

 

See you at the polls!

 

 

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Melissa Hailey, Broker-Owner
REALTOR, CRS, GRI, SFR, TAHS, TREC-Approved Real Estate Instructor

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