More than 80% of Texas voters in the November election approved more than $18 billion in property tax cuts.
Because the state doesn’t impose its own property taxes, it’s not as simple as it may sound. Voters actually approved a scheme in which local school districts must lower their tax rates with the promise that the state will make up the lost revenue. Voters, also prompted by state lawmakers, approved another amendment that increased the amount a person who lives in the home they own can protect from taxes, a mechanism known as the homestead exemption, and limit the amount property valuations can rise.