AUSTIN – Lt. Gov. Dan Patrick issued this statement today following the unanimous passage of Senate Bill 4, Increasing the Homestead Exemption to $140,000 ($150,000 for seniors), and Senate Joint Resolution 2, by Sen. Paul Bettencourt, R-Houston:

“I have been fighting to reduce property taxes long before I was elected to the Texas Senate. I have made increasing the Homestead Exemption my mission because it is the best way to deliver meaningful property tax reductions for homeowners.

“When I became Lt. Governor in 2015 the Homestead Exemption was $15,000 and, today, the exemption is $100,000, and $110,000 for seniors. In 2023, the $100,000 Homestead Exemption was permanently codified into the Texas Constitution when voters passed Proposition 4 with 83% of voters in support. This makes the $100,000 Homestead Exemption permanent, and homeowners will receive tax relief every single year, forever.

“The Senate’s passage of SB 4, which increases the Homestead Exemption to $140,000, and $150,000 for seniors, builds on last session’s historic success. Once signed into law and voters approve the constitutional amendment proposition in November 2025, the $140,000 Homestead Exemption will be codified in the Texas Constitution forever.

“Four Hundred Ninety-Two school districts (49% of Texas school districts) have an average home value under $140,000, meaning school M&O property taxes will be eliminated for the average homeowner in those districts. Estimates show the average Texas homeowner will save $363.44 due to this increase. When combined with the school tax rate compression already included in the budget, the average Texas homeowner will save $496.57.

“In 2023, the Texas Senate delivered a tax cut of $1,266.30 for the average homeowner. When tax cuts from 2023 and 2025 are combined, homeowners will be receiving a total tax cut of $1,762.87. Seniors will receive a combined tax cut of $1,933.23, resulting in a 58.5% reduction in school district property taxes for seniors from 2023 to the present.

“Based on the unanimous 30-0 vote, it is clear Senators from both sides of the aisle understand that when an increased Homestead Exemption and more compression are combined, homeowners receive maximum tax relief benefit. I thank Sen. Paul Bettencourt for his hard work in carrying SB 4 and SJR 2.”

Senate Bill 4, by Sen. Paul Bettencourt, increases the Homestead Exemption to $140,000, and $150,000 for seniors. Once signed into law, SB 4 and SJR 2 will result in a constitutional amendment election in November 2025. This Homestead Exemption would apply retroactively to 2025 tax bills.