Editorial: Prop 1 Preserves Homeownership
Submitted by: Frank Hamilton, 2015 President
Four Rivers Association of REALTORS®
How you can save money on homeownership?
You have a unique opportunity to save yourself and your fellow Texans money: Vote for statewide Proposition 1 on November 3. If passed
- Proposition 1 will increase your homestead exemption by 66%, which will lower your property tax.
- Proposition 1 will ban the prospect of a sales tax on real estate transactions—a tax that already exists in 36 other states and Washington, DC. Banning a real estate transaction tax keeps homeownership affordable, as well as helping you avoid a double taxation on property.
You may be wondering if seniors and disabled Texans who have their property taxes frozen will get to enjoy the benefits of passing Proposition 1, too. They will! The way the Texas Constitution is written, those taxes have to be unfrozen so tax calculations reflect the new exemption. Then, the taxes are frozen again.
You may also have heard that Proposition 1 will hurt school funding. This is absolutely not true. Within the legislation that resulted in Proposition 1, the Texas Legislature made it clear that school districts will not lose any funding as a result of the property-tax reduction.
When you get to the voting booth, you may find the ballot language for statewide Proposition 1 confusing. Here’s a plain-language explanation.
The constitutional amendment:
- Increases the state-mandated homestead exemption for public school taxes from $15,000 to $25,000.
- Provides the full benefit of the higher exemption to seniors and disabled Texans.
- Prevents local taxing authorities from “undoing” the property-tax relief delivered by the higher homestead exemption.
- Prohibits state and local governments from ever collecting a sales tax on real estate transactions.
Statewide Proposition 1 is good for you, your fellow Texans, and the hundreds of people moving here every day. Help keep Texas a great place to live by voting for Proposition 1 on November 3. Learn more about this important issue at texansforprop1.com.
Political advertising by the Texas Association of REALTORS®.
The Four Rivers Association of REALTORS is a 501(c)6 non-profit trade organization. Resulting from a merger in January of 2014, the new Association represents members from the previous New Braunfels/Canyon Lake, San Marcos, and Seguin Boards of REALTORS. Counties represented are Caldwell, Comal, Gonzales, Guadalupe, and Hays. Find out more about the Four Rivers Association of REALTORS® by visiting www.FourRiversREALTORS.com.
