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Taxes 101: Texas' new property tax laws of 2024 — and how they will affect you

Graphic of Homes and CoinsBecause Briggs Freeman Sotheby’s International Realty is North Texas’ full-service luxury brokerage, it has unique services that go far beyond helping its clients buy and sell. Its White Glove program is a roster of top-drawer partners — vetted, all — for everything from mortgage and title services to pre-sale renovations that could help a home sell for significantly more. Below is a guest post from one of the brokerage’s partners, Gill, Denson & Company, the property-tax experts. Come explore the entire suite of valuable White Glove services at briggsfreeman.com/whiteglove.

 

A very quick guide to Texas’ new property-tax laws — and how they affect you

 

Texas homeowners, there are important changes affecting property-tax laws in 2024. Here, Gill, Denson & Company quickly unravels the complexities of the latest updates.

 

Further homestead exemption increase

The homestead exemption, previously increased from $25,000 to $40,000 in 2022, has now been increased to $100,000, thanks to Senate Bill 2 (SB2). How does this work? An eligible homestead property valued at $400,000 will now be taxed as if it were valued at $300,000. And, homeowners aged 65 or older and those with disabilities now receive automatic benefits without waiting for separate amendments.

 

School tax decrease

SB2 also orchestrated a reduction in tax rates for school-district maintenance and operations (known as M&O). For every $100 your property is worth, you’ll save 10.7 cents in school taxes for the 2023-2024 school year. Lawmakers essentially agreed to allocate more funds to school districts in order to buy down the rate for homeowners.

 

Appraisal cap program

Non-homestead real properties valued at $5 million or less will have their taxable value increases capped at 20 percent annually. This appraisal-cap pilot program will last until 2026 and applies to properties not eligible for a homestead exemption: commercial, mineral, rental and others. The goal is to bring more stability to a market that has seen assessment values rise quickly in the last few years.

 

Additional property tax law updates

Beyond the core updates, the 88th Texas Legislature introduced various procedural and administrative changes. From additional elected appraisal-board members to expanded digital access of appraisal info and arbitration filing, these changes aim for increased transparency, accessibility and fairness.

 

Protesting your taxes: Your path to potential further savings

While these changes are clear benefits to property owners, remember that protesting your property value is still a wise move. Mass appraisal methods aren’t perfect and often lead to overinflated values, which means you might be overpaying on your property taxes. We recommend working with a professional property-tax protest service that understands your unique situation and knows how to lower your tax burden.


EXCLUSIVE FOR YOU: Gill, Denson & Company is offering clients of Briggs Freeman Sotheby’s International Realty and its blog readers an exclusive discount on its protest services. Ask any Briggs Freeman Sotheby’s International Realty agent for the savings code, then use it at the Gill, Denson & Company Get Started page. Good to know: The firm saved money for 83 percent of its clients in 2023 and is paid only if it successfully lowers your tax bill. There is value to be unlocked, as with all of the White Glove partners of Briggs Freeman Sotheby’s International Realty.

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