Homeowner Tax Relief Proposition

 

On November 3, voters are encouraged to vote for Prop 1 (The Homeowner Tax Relief Proposition), deciding whether to amend the Texas Constitution to increase the homestead exemption by $10,000 and ban real estate transfer taxes—or taxes on home sales—permanently.

We want you to be fully informed on Prop 1 before you cast your ballot. Here are the four things Prop 1 does…

1. Increases the homestead exemption from $15,000 to $25,000. This is great news for Texas homeowners because it lets you keep more of your hard-earned money.
2. Extends the full benefit of exemption to seniors and people with disabilities, providing them a lower property tax cap, which helps keep their property tax burden low.
3. Prevents local governments and other taxing jurisdictions from reducing their homestead exemptions through 2019.
4. Bans a sales tax on real estate transactions, keeping homeownership affordable and avoiding double taxation on property.

Good Reasons to Vote For Prop 1

• Voting for Prop 1 ensures Texas’ housing market and economy stays strong, keeping homeownership within reach for many Texans.
• Homeowners can build more equity in their home without the fear of being priced out.
• The increased homestead exemption will be absorbed by the State of Texas, meaning it does not and will not affect public school funding.
• 37 states have a transfer tax. The passage of Prop 1 guarantees Texas is never added to that list.*

Join us and vote for Prop 1! Early voting starts Oct 19-30. Election day is Nov 3.
For more information, visit texansforprop1.com. 
*Courtesy of the Austin Board of Realtors