On May 7, Texas voters overwhelmingly voted for Proposition 2, a constitutional amendment that raised the homestead exemption from $25,000 to $40,000. This measure, which was strongly supported by Texas REALTORS®, passed both chambers of the Texas Legislature in 2021. Nearly 85% of voters voted for the proposition. According to the bill’s author, Sen. Paul Bettencourt, the increased homestead exemption will save the average homeowner $176 annually. Texas REALTORS® continues to advocate for legislative and other efforts that reduce the tax burden on property owners in Texas.
