Texas Voters Approve Proposition 4 - Tax Cut

• Texas homeowners and businesses are getting a tax cut.
• The tax cut is worth $18 billion.
• Most of the tax cut is aimed at lowering school district property taxes, which are a big part of property tax bills in Texas.
• Voters in Texas approved this tax cut with 84% of the votes.
•   
• School districts will get $7.1 billion to lower their tax rates, which will help reduce taxes on things like teacher salaries.
• Homeowners will see their homestead exemption increase from $40,000 to $100,000, which means they won't have to pay taxes on that part of their home's value.
• Homeowners can save more than $2,500 in taxes over the next two years, with bigger savings for seniors.
• Texas is known for not having a state income tax, but property taxes in the state are high.
• The tax cut also includes a limit on how much certain businesses' property values can grow each year, helping them save on taxes.
• Some businesses won't have to pay the state's franchise tax.
• People in some places can now choose who runs their local appraisal district, which decides how much your property is worth.