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Lt. Gov. Dan Patrick wants to increase the homestead exemption in Texas
Patrick's plan, called 'Operation Double Nickel,' would raise the homestead exemption by $40,000 and lower eligibility age to 55, freezing appraised values for 3.3 million Texans, easing tax burdens.
- On Tuesday, Lt. Gov. Dan Patrick unveiled Operation Double Nickel at the Texas Capitol, proposing to raise the homestead exemption for school property taxes by $40,000 following a November voter-approved increase.
- Patrick argued the measure will advance homeownership affordability and a path to eliminate school property taxes, but changing the homestead exemption requires a constitutional amendment and voter approval.
- By Patrick's math, 3.3 million homeowners would have their tax values frozen, with a $180,000 minimum exemption, costing less than $4 billion.
- Politically, the plan creates a clash with Gov. Greg Abbott, who unveiled a competing tax relief last month, while economists and budget watchers like Steven Craig warn officials haven't replaced lost revenue and note compression isn't guaranteed forever.
- Looking at long-term effects, Patrick emphasized the plan would freeze values for 25 years, benefiting homeowners over 55 and raising the exemption to $240,000 with recent voter-approved increases, Patrick said.
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Lt. Gov. Dan Patrick wants to increase the homestead exemption in Texas
Lt. Gov. Dan Patrick announced a plan Tuesday to increase the homestead exemption in the next state legislative session and provide additional property tax cuts for Texans aged 55 and above.
·Albuquerque, United States
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Patrick, Abbott May Clash Over Competing Property Tax Plans – 710am KURV
Lieutenant Governor Dan Patrick and Governor Greg Abbott are proposing property tax plans that seem to be incompatible. Patrick on Tuesday called for a 40-thousand-dollar increase in the homestead exemption, which is currently 140 thousand dollars. His plan would also lower the age to receive a senior exemption from 65 to 55, which he says would benefit more than half of the state’s six million homeowners. Abbott is running for a fourth term on …
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Total News Sources11
Leaning Left1Leaning Right0Center9Last UpdatedBias Distribution90% Center
Bias Distribution
- 90% of the sources are Center
90% Center
C 90%
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