Priority legislation that would raise the homestead exemption for elderly and disabled homeowners by $50,000 passed the Texas Senate on Wednesday. With other planned exemption increases, elderly homeowners would receive a total of $200,000 in homestead exemptions.
Senate Bill (SB) 23 and Senate Joint Resolution (SJR) 85 raise the school tax homestead exemption — a reduction in the taxable value of a home — for age 65 and over homeowners from $10,000 to $60,000. The proposal is estimated to cost the state $1.2 billion through the next biennium.
