Property Tax “Postlets” Are Out, but Only For Non-Homestead Exempted Properties

Comes word from our on-staff Tax Doctor, Rob Wheelock, of Property Tax Managers, that it’s that time of the year AGAIN: property tax appraisals.

2015 Property Tax Statements are usually mailed out starting the first week of October, and they have been for all non-homesteaded properties. But the Dallas County Appraisal District is holding back on mailing out notices of appraised value on HOMESTEADED properties because of the November 3 election that will increase the homestead exemption from $15,000 to $25,000, if approved by voters. 

Think it’s going to be approved? I sure do!

The Texas Homestead Exemption for School District Property Taxes Amendment, Proposition 1 is on the November 3, 2015 ballot in Texas as a legislatively referred constitutional amendment.^[1]

The measure would increase the homestead exemption from property taxes levied by school districts from $15,000 to $25,000.^[2]

Depending on their district, homeowners would save an average of between $120 and $130 per year, which would cost the state about $1.2 billion in tax revenue for school districts over two years. Senate Joint Resolution 1, the enabling legislation, would make up for the lost revenue by entitling school districts to additional state aid from the Foundation School Fund.^[3]

The proposition also maintains the additional $10,000 exemption for seniors and disabled homeowners already awarded under current law, along with the proposed increase for all other homeowners.

The exemption was last increased in 1997, when voters approved Proposition 1.^[4]

The amendment would take effect January 1, 2015.^[1]

The Dallas County Appraisal District wisely thought of saving money with only ONE mailing. They are saving paper, as well. I imagine it’s the same in Tarrant and Collin Counties, yes?

Smart people. I wish they could teach the folks at the IRS a few lessons about resource savings…