DALTX Real EstateDALTX Real EstateDALTX Real Estate
  • Home
  • Guest Post
  • Agents
  • Contact Us
  • About
  • Advertise With Us
Reading: Should You Vote for Proposition 1? Of Course, Says Leslie Rouda Smith
Share
Font ResizerAa
DALTX Real EstateDALTX Real Estate
Font ResizerAa
  • Home
  • Guest Post
  • Agents
  • Contact Us
  • About
  • Advertise With Us
  • Home
  • Guest Post
  • Agents
  • Contact Us
  • About
  • Advertise With Us
Follow US
© DALTX. All Rights Reserved.
DALTX Real Estate > Blog > Should You Vote for Proposition 1? Of Course, Says Leslie Rouda Smith
Blog

Should You Vote for Proposition 1? Of Course, Says Leslie Rouda Smith

3 Min Read
SHARE

unnamed-1

By Leslie Rouda Smith
Special Contributor

Proposition 1 does four things. First, it lowers property taxes by increasing the homestead exemption from $15,000 to $25,000. Second, it ensures senior Texans and disabled Texans get as much tax relief as possible. Third, it prohibits local governments from repealing or reducing any homestead exemption that may exist. And finally, it ensures real estate transactions will never be subject to a tax.

If Proposition 1 passes, when will I see tax relief?
Almost immediately! Thanks to the Texas Legislature’s action, your 2015 tax bill will include the increased homestead exemption.

How much will Prop 1 save me?
Every Texas homeowner will save more than $125 every year! Plus, should you ever decide to sell your home, Prop 1 guarantees that there won’t be a tax on that transaction … and that could be worth thousands of dollars!
For example, in Pennsylvania, consumers must pay a 2% transfer tax on any real estate sale. Here in Texas, where the average sales price is $266,000 (source: The Real Estate Center at Texas A&M University – recenter.tamu.edu), that tax would be $5,200—due at the closing table!

What is a “real estate transfer tax”, and why is banning them a good thing?
A real estate transfer tax is a tax imposed on the sale of a home, which adds another tax to the home selling and buying process.
Real estate transfer taxes can potentially lower property values and hurt the housing market. They are also technically a form of double taxation, as the buyer and seller will incur the cost of the tax in addition to the property taxes already on the home. It’s not fair, and banning them from Texas will ensure that permanently.
There are currently 36 states, plus the District of Columbia, that charge some sort of a real estate transfer tax.

Why do we need a constitutional amendment to do this?
First, the amount of homestead exemption is specified in the State Constitution, so that would need an amendment to change. Also, by banning real estate transfer taxes in the State Constitution, it prevents municipal governments from ever implementing them. But most importantly, making it an amendment puts the decision in the hands of the people. You are the ones who are going to be affected by this change – you should have the final say over whether it happens, not the politicians. With Prop 1, you have the choice to give yourself and other Texas homeowners more tax relief.

Leslie-SmithLeslie Rouda Smith is a Realtor with Dave Perry-Miller Real Estate and is a member of “Texans For Prop 1.”

Three Green Acres: Have an Appaloosa on Appaloosa Plus a Shelter From the Storm in Bartonville
The Great Balcony Caper And Other Condo Mysteries
Splurge vs. Steal: Love these Two Lakewood Beauties with Desirable Amenities
ABPA 16th Annual Homes for the Holidays Home Tour Features Four Park Cities STUNNERS! And Here is ONE!
A Skybridge as Wide as the Faces on Mount Rushmore? Six Stories High?????
TAGGED:Real Estate Taxes
Share This Article
Facebook Email Copy Link Print
Previous Article Dallas Public Schools: District to Launch Own Crowdfunding Program
Next Article Fort Worth Friday: Westcliff Gem With Expanded Space Feeds Into Tanglewood Schools
Popular News
DFW Realtors

HGTV Influences Fort Worth Therapist Into Career as a Realtor

‘Click to Purchase’ This Northwood Home From Bungalo Homes
Austin Realtors Warned About Parcels After Three Bomb Explosions — Gentrification Retaliation?
After Snowmageddon’s Damage, Dallas Builders Association Headquarters Reopens
This City Is Tops in Texas for Fixer-Uppers, and It’s Not The One You Think It Is
about us

DaltxRealEstate.com is the largest real estate blog and the only one in North Texas.

Links

  • Privacy Policy
  • Terms of Service
  • Contact Us
  • Paid Guest Post Submission

Categories

  • Wednesday WTF
  • East Dallas
  • Monday Morning Millionaire
  • Upon Closer Inspection

Get Involved

  • Advertise With Us
  • Write for Us: Submit Guest Post

Find Us on Socials

© DALTX. All Rights Reserved.
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?