We are thrilled to announce that on June 11th, 2023, the Texas House passed House Bill 2 (HB2), a groundbreaking piece of legislation authored by Representative Jodie Laubenberg. This bill is poised to revolutionize the property tax landscape in Texas, offering an astounding $12 billion in tax relief.
HB2 introduces several key provisions that will positively impact property owners throughout the state. First and foremost, it includes a remarkable reduction in the school district maintenance and operations tax rate. Previously set at $1.17 per $100 of taxable value, this rate has now been lowered to just $1.04 per $100 of taxable value. Such a significant decrease will result in substantial savings for homeowners and businesses alike.
Additionally, HB2 brings good news for school districts that choose to adopt it. The bill includes an increase in the homestead exemption, raising it from $25,000 to a generous $33,000. This change means that homeowners within these districts will experience further tax relief, allowing them to keep more of their hard-earned money.
Furthermore, HB2 introduces a reduction in the appraisal cap from 10% to an impressively low 3.5%. This provision is designed to prevent excessive property value increases, providing stability and predictability for property owners. By curbing appraisal hikes, the bill aims to ensure fair and reasonable taxation practices.
Undoubtedly, the passing of HB2 will have a profound impact on property owners across Texas. Not only will individuals and businesses be able to save a significant amount of money on their taxes, but the bill is also expected to stimulate economic growth within the state. The additional funds that become available as a result of this tax relief will be channeled back into the local economy, benefiting both businesses and individuals alike.
In these challenging times, we firmly believe that HB2 is a game-changer for Texas and its citizens. The financial relief it offers is much needed and will provide a welcome respite for many. We strongly encourage all our clients to seize this opportunity and take the necessary steps to maximize their savings under HB2.
We are eager to hear your thoughts on this remarkable development. Please feel free to share your opinions and engage with us on social media. Let's celebrate this significant milestone in Texas's history together!
Thank you for your time, and stay tuned for more updates as we continue to keep you informed about the latest developments that impact your financial well-being.
Posted by Matías Bulox on
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