Final Tax Bill Uncertain as Homestead Exemption Waits for Constitutional Amendment Election

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Typically, by mid-July, county taxing entities have their certified property values and begin assessing the potential tax rate.

Final Tax Bill Uncertain as Homestead Exemption Waits
Final Tax Bill Uncertain as Homestead Exemption Waits ( The Texas Tribune )

The Montague County Tax Appraisal District is facing uncertainty in calculating the final tax bill for property owners due to pending changes in the homestead exemption

Recently, Chief Appraiser Kim Haralson revealed that the figures are still far from being finalized as they need to wait for the outcome of the Texas Constitutional amendment election scheduled for November 7. Additionally, they must submit property values to school districts for state funding, allowing the districts to prepare their budgets and tax rates.

The upcoming constitutional amendment election will decide whether to increase the homestead exemption solely for school districts from $40,000 to $100,000, effective from January 1, 2023. The last increase in the homestead exemption occurred in May 2022 when it rose from $25,000 to $40,000.

The uncertainty surrounding the homestead exemption poses a significant challenge for the appraisal district staff

They must figure out how to approve the county’s 16 taxing entities’ final tax bill and distribute tax statements to school districts by October 1. A crucial factor in this calculation, the homestead exemption, will not be known until after the November 7 election.

After consulting with state officials, the appraiser has chosen to move forward with certifying the final tax bill for the county’s taxing entities instead of waiting an additional week. This decision enables them to start the process of determining the ultimate tax bill.

Property owners in Montague County will have to wait until after the November election to receive their final tax bill due to the uncertainty surrounding the homestead exemption. The outcome of the election will significantly impact the final tax bill for school districts.


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