In the latest statewide election in Texas, voters spoke loud and clear on a variety of constitutional amendments. Property tax cuts, a raise for retired teachers, and substantial investments in infrastructure, research, tech, and energy took the spotlight. Propositions 1 and 4 emerged victorious, signaling significant wins for the people of Texas. Let's delve into these and understand why they matter in the real estate world.
Proposition 1: Safeguarding Texas Agriculture
Proposition 1 aims to ensure that the state and local governments provide evidence before implementing regulations on widely accepted farming and ranching practices. In simpler terms, it's about protecting the rights of farmers and ranchers to engage in their activities without unnecessary interference.
Legislation:
- Bill: HJR 126
- Authors: Burns, et al.
- Ballot Language: "The constitutional amendment protecting the right to engage in farming, ranching, timber production, horticulture, and wildlife management."
Why Texas REALTORS® Support It: Texans voted in favor of Proposition 1 because it preserves property rights, safeguards one of the largest industries in Texas—agriculture—and ensures that Texans continue to have access to safe and affordable food. It's a win for both property owners and the backbone of the state's economy.
Proposition 4: $18 Billion Property Tax Relief
Proposition 4 is a powerhouse, receiving an overwhelming 83% of the vote. This $18 billion property tax relief measure is designed to benefit homeowners and businesses alike. It includes reducing school districts' tax rates and implementing other changes to provide much-needed financial relief.
Legislation:
- Bill: HJR 2 – Second Special Session
- Authors: Bettencourt, et al.
- Ballot Language: "The constitutional amendment to authorize the legislature to establish a temporary limit on the maximum appraised value of real property other than a residence homestead for ad valorem tax purposes; to increase the amount of the exemption from ad valorem taxation by a school district applicable to residence homesteads from $40,000 to $100,000..."
Why Texas REALTORS® Support It: Proposition 4 is a significant win for property owners as it authorizes the state legislature to set a temporary limit on property appraisals, offering relief from ad valorem taxes. Moreover, it increases the exemption for residence homesteads, providing additional financial support for homeowners. This proposition addresses the concerns of many Texans grappling with rising property taxes.
In a state where individual freedoms, property rights, and economic well-being are highly valued, Propositions 1 and 4 stand out as clear mandates from the people. Proposition 1 protects the heart of Texas—its agriculture—while Proposition 4 delivers substantial property tax relief, supporting homeowners and businesses alike. These propositions represent the voice of the people, shaping the future of the Lone Star State for the better.
