Welcome to the MyTexasProperties.com Blog

2015-10-18 08:12:07
Prop 1 – The Homeowner Tax Relief Proposition

 

Prop 1 – The Homeowner Tax Relief Proposition

As November 3 comes closer, we are receiving lots of inquiries about Prop 1 which will be on the ballot. Below we answer some of the questions about what Prop 1 is and what it could mean for you. The last time the Homestead Exemption was voted on was back in 1997. Whether you are for or against it, we hope this quick Q&A will answer some of the questions about Prop 1.

What will Prop 1 do?

Prop 1 will increase your homestead exemption from $15,000 to $25,000.

Prop 1 will assist seniors and disabled Texans with a lower property tax cap.

Prop 1 will ban real estate transfer taxes.

What is a Homestead Exemption?

A homestead exemption means that your home isn’t taxed at its full value – instead, a certain amount of your home’s value becomes tax-free. In Texas, the current homestead exemption is $15,000, meaning if your home is valued at $100,000, you only pay taxes on an $85,000 value. Prop 1 would extend that exemption to $25,000, meaning you’d pay taxes on even less of your home’s actual value.

What is a Real Estate Transfer Tax

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. Prop 1 will ban real estate transfer taxes.

We trust you find this quick guide useful in making an informed decision in this coming election. Please feel free to contact us regarding where to vote, etc.

 Article Courtesy of Eve Cameron 

Posted by

 

Eve Cameron, Broker / Owner
Cameron Realty Texas
512-784-3609
www.mytexasproperties.com
eve@mytexasproperties.com

 
Blog Archive
2019-02-01 11:34:29
Just Listed: Modern Lake Home, 18529 Staghorn

2019-02-01 11:30:16
Teravista Home Coming Soon: 4603 Monterosa

2018-11-17 08:34:20
NW Austin Condo with Views!

2018-10-30 06:43:09
301 Trumpet Vine, Cedar Park: Just Listed

2018-09-30 10:16:43
Teravista Coming Soon: 1620 Hidden Springs Path

2018-09-15 07:32:15
21113 Ridgeview, Lago Vista, Texas

2018-09-15 07:27:19
18103 Park Drive, Jonestown, TX Lakeview Home

2018-08-14 07:04:43
Just Sold: Custom Lake Travis Home with Pool

2018-07-11 09:02:46
Just Listed: 3404 American #3122

2018-07-11 08:59:31
Just Listed: 4525 Monterosa

2018-07-11 08:55:18
Coming Soon: 4544 Wandering Vine

2018-04-12 07:56:49
101 Summit Ridge, Point Venture, Texas

2018-03-06 17:07:40
19033 Venture Blvd, Point Venture

2018-01-01 07:30:01
204 Venture, Point Venture, Texas 78645

2017-11-29 09:35:22
8008 Flintlock, Lago Vista, Texas 78645

2017-11-16 08:09:15
8008 Flintlock, Lago Vista, Texas 78645

2017-10-25 08:20:57
209 Fairway Circle, Point Venture: Coming Soon

2017-10-24 15:44:08
8008 Flintlock, Lago Vista, Texas 78645

2017-10-24 15:41:59
204 Venture Blvd, Point Venture, Texas

2017-09-18 07:46:05
204 Venture, Point Venture, Texas 78645

2017-08-26 07:51:08
8008 Flintlock, Lago Vista: Modern Farmhouse Coming Soon

2017-08-23 08:54:06
1919 American / 21013 Highland For Sale

2017-07-29 12:07:33
108 Venture, Point Venture, Texas 78645

2017-07-29 12:02:19
202 Firestone Cir, Point Venture, Texas 78645

2017-07-14 07:23:46
4392 Caldwell Palm Cir, Round Rock, JUST LISTED

Click here to see ALL articles.


Comment on this Article

Your Name:
Your Email:
Comments:
Verify:  Please enter the numbers shown to help eliminate spam.