On the upcoming ballot, Proposition 1 empowers you to vote to cut your property taxes and protect your home from additional taxes. Here is a little bit more on what Proposition 1 is really about:
WHAT DOES PROP 1 DO?
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.
WHAT IS A HOMESTEAD EXEMPTION?
A homestead exemption means that your home isn’t taxed at its full value – instead, a certain…