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Bexar County Tax Assessor-Collector Albert Uresti is reminding property taxpayers to expect some savings this tax season or next after voting results on November 4.
Texas voters approved state Propositions 9, 11, and 13, which all reduce property taxes in different ways.
Prop 9 exempts from taxation a portion of the market value of tangible personal property a person owns that is held or used for the production of income.
Uresti explained what the potential savings are under Prop 9, which takes effect— not this property tax season but the next.
“That’s going to help the small business owner,” he said. “And that can provide a total tax savings up to $2,800 per year. Now, the problem that I foresee may happen is the state has already stated that they are not going to replace the revenue lost to school districts, so that may have an impact next year on certain school districts.”
Prop 11 increased the amount exempt from taxation by a school district of the market value of the residence homestead of a person 65 or older or disabled. And Prop13 increased the amount of the exemption of residence homesteads from taxation by a school district from $100,000 to $140,000.
The savings under Props 11 and 13 will both be reflected in this year’s tax bill. Uresti said when combined the savings will really add up for seniors and the disabled who own an average home.
“Proposition 11 and Proposition 13 are going to provide property tax relief to our homeowners. In particular, Proposition 13 applies to everybody that has a homestead exemption,” he said. “That is going to save them about $400 per year. Proposition 11 goes a step further … that’s going to help our people who are 65 or older or disabled. That’s going to provide an additional $500.”
The combined savings under both Prop 11 and Prop 13 for those 65 and older or disabled adds up to total savings around $900.
Bexar County residents who pay property taxes in one lump sum must do so by Jan. 31. But the county offers other payment plans.