, R-University Park, is the constitutional amendment that will go before voters in November and would authorize the state to enact the cuts in those two bills.
Owner-occupied properties that already have a homestead exemption would also see that benefit automatically increase from $40,000 to $100,000 with no action required. The expanded franchise tax exemption and 20% appraisal cap do not apply to property that already gets the homestead exemption. Texans 65 and older and those with disabilities, many of whom are on fixed or limited incomes, have had their school property taxes frozen for many years to protect them from rising tax rates and property values. But because of the way the $40,000 exemption increase was written, those homesteaders did not benefit from the higher exemption when voters approved it last year.
It wouldn’t be necessary for a business to be headquartered in Texas in order to get the property tax breaks; any land it owns within the state would qualify to receive the benefits if it doesn’t exceed the value limit. The tax-cuts package would also double the amount of revenue a business could make before it has to start paying franchise taxes from $1.24 million in a year to $2.47 million. The move would remove roughly 67,000 additional small-to-medium businesses from the franchise tax rolls.
Rental properties valued under $5 million each also would qualify for the year-over-year 20% cap on appraisal values for the next three years.
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