Prop 1: Do You Want An Increase On Your Homestead Tax Exemption?

Prop 1: Do You Want An Increase On Your Homestead Tax Exemption?

Wichita Falls, TX - For the first time in nearly 20 years Texans could see an increase in their homestead exemptions.

On Nov. 3, Texans will vote on Proposition No.1.

Since 1997, property owners in the state have been able to claim a reduction of $15,000 homestead exemption from the ad valorem taxes. Exemptions taxed are taken and used to fund local school districts.

If Prop No. 3 passes, it will increase property owners reduction to $25,000.

Clay Glasgow, Chief Deputy at the Wichita County Tax Office said the average taxpayer, depending on the school district they live in can expect to see anywhere between $120 and nearly $150 in savings.

"The intent was to reduce the amount of taxes the property owner is paying currently on their school taxes, give them some tax relief, said Glasgow. "But as we all know, if we reduce that in one area, it's got to be made up somewhere else."

Glasgow said if Texans approve this proposition, the state has estimated that it will cost public schools about $1.25 Billion dollars over two years.

It does not mean that school districts will not get that funding, instead it will be funded by the state's permanent school fund.

Glasgow believes part of the push to reduce the state's property taxes can be attributed to newly elected (R) Lt. Gov. Dan Patrick.

During his campaign, two of the issues on his platform were cutting property and business taxes.

Jimmie Johnson, Newschannel 6