"Texas' Property Tax Cut Proposal: Potential Savings Revealed"

Texas lawmakers have announced a deal for an $18 billion property tax cut, which could result in savings for millions of homeowners if approved. The plan includes increasing the homestead exemption from $40,000 to $100,000 for every homeowner and reducing school district maintenance and operation tax rates by nearly 24% for the next two years. If the plan clears both chambers and receives the governor's signature, Texas voters will have to approve a constitutional amendment to raise the homestead exemption. The owner of a median-priced $331,000 home could see a property tax bill savings of around $1,300, or more than $100 per month.