Lt. Gov. Dan Patrick announces $40,000 increase to homestead exemption
WACO, Texas (KWTX) - Texans are about to see another increase to their homestead exemption with an even sweeter deal for seniors in the state.
In 2015, the homestead exemption was just $15,000 and that was the number. But that number in the last decade has continued to grow session after session.
“In 2017, $40,000. And then we got to $100,000 and then this last session we thought we could get it up to $200,000 for seniors and $140,000 for non-seniors,” the Lieutenant Governor explained.
The age requirement for senior status was 65, this deal shaves off 10 years.
“We are going to take the senior homestead exemption, where your taxes are frozen and your values are frozen, down to 55. That means for an extra ten years, your values are frozen and you don’t have to worry about appraisals anymore,” Patrick said.
He has further plans to increase the homestead exemption numbers by $40,000 more in the next legislative session.
McLennan County Tax Assessor, Randy Riggs, says this is a big win for property owners.
“This is a benefit for the individuals that own their own homes. Because with this exemption, that’s more money that they aren’t having to pay out of pocket, that the state will pay for them,” Riggs explains.
He says there’s always confusion surrounding an increase to homestead exemptions because people think it covers more than just your home.
“So many people don’t understand it and when they hear about it, they think all of their taxes have exemptions,” Riggs says.
Lt. Gov. Dan Patrick said he is also looking to eliminate school taxes and all property taxes by raising the sales tax.
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