By\u00a0Joshua Fechter\r\nAs the state\u2019s housing market rages, Texas homeowners will get a slight break on their property tax bills after Texas voters overwhelmingly passed a pair of statewide ballot measures Saturday.\r\nVoters approved two propositions intended to lower property taxes for homeowners by decisive margins \u2014 one aimed at older and disabled Texans and another that would provide modest relief for homeowners\u00a0across the board.\r\n\u201cVictory for ALL property owners in Texas!\u201d Gov. Greg Abbott\u00a0tweeted Saturday evening.\r\nTexas\u2019 high property taxes have once again taken center stage amid the state\u2019s real estate market explosion. Home values in the state\u2019s major metropolitan areas have surged by double digits, prompting homeowners to fret that they will see a similar rise in their property tax bills \u2014 though those don\u2019t necessarily go hand in hand.\r\nProposition 1, a measure to essentially cut school district property taxes for homeowners who are 65 and older or disabled, passed by a wide margin, according to Decision Desk.\r\n\r\n\r\n\r\nThe vast majority of voters also approved Proposition 2, to raise the state\u2019s homestead exemption \u2014 the dollar amount of a home\u2019s value that\u2019s exempt from taxation by school districts \u2014 from $25,000 to $40,000.\r\nThe owner of an average Texas home, worth about $300,000, will save around $175 on their annual property tax bill, Republican state Sen. Paul Bettencourt\u00a0of Houston, who authored the proposals, has said.\r\n\u201cIt's great to see the voters of Texas vote overwhelmingly for property tax relief,\u201d Bettencourt said Saturday. \u201cThey're recognizing the obvious, that Texas homesteads need it.\u201d\r\nThe projected savings under Proposition 2 are merely a sliver of any given homeowner\u2019s property tax bill.\r\n\u201cIt\u2019s not that meaningful,\u201d said Chandra Kring Villanueva, a program director at the left-leaning nonprofit organization Every Texan who focuses on school finance. \u201cWhat it\u2019s really doing is slowing the growth of the school tax bill rather than seeing an actual savings for the majority of homeowners.\u201d\r\n\r\n\r\n\r\nState lawmakers are trying to find other ways to lower property taxes or at least slow down their growth \u2014 a pet issue for Texas Republicans. Lt. Gov. Dan Patrick has asked a state Senate committee chaired by Bettencourt to\u00a0look into property tax reform measures or cuts ahead of the Texas Legislature\u2019s next session in January.\r\n\u201cI expect there's going to be more done, obviously, than this,\u201d Bettencourt said. \u201cBut the good news is no matter what, that's $175 in people's pockets in perpetuity.\u201d\r\nTexas homeowners\u2019 property tax bills are among the highest in the nation \u2014 the result of the state\u2019s reliance on property taxes to finance local governments, particularly public schools, as well as the lack of a state income tax.\r\nIn general, the amount of property taxes a homeowner owes in a given year depends on the tax rates set by cities, counties, and school districts where they live and the value of their home.\r\nThere are measures in place to try to slow property tax growth. Under state law, the taxable value of an owner\u2019s primary residence can\u2019t rise more than 10% in a given year if they have a homestead exemption.\r\nThree years ago, state lawmakers capped school districts\u2019 tax rates and required cities and counties to seek voter approval if they want to raise their total property tax revenue by 3.5% or more than the previous year.\r\nThose laws have slowed the growth of property taxes, according to a recent report by the Texas Taxpayers and Research Association \u2014 though not entirely.\r\nThe issue has risen to the fore in the governor\u2019s race \u2014 with\u00a0Abbott\u00a0and Democratic opponent Beto O\u2019Rourke putting up dueling proposals.\r\nAbbott has floated a \u201ctaxpayer bill of rights\u201d that includes ideas to further cut school property tax rates, make property appraisals more transparent and limit local governments\u2019 ability to take on new debt without first asking voters.\r\nO\u2019Rourke, meanwhile, has said the state should pick up 50% of public school spending and suggested legalizing marijuana, casino gambling, and sports betting as ways to bring in more tax revenue.\r\nMeanwhile, state lawmakers are eyeing a $12 billion surplus in state revenue to pay for some public school costs so districts may lower their property tax rates. Texas is also suing the federal government for the right to use $3 billion in federal stimulus funds to pay for tax cuts.\r\nThis story was originally published by the Texas Tribune.