I am always amazed when I go to list someone's property (to sell) to find that after living in their home for years, they have never filed for a TEXAS HOMESTEAD EXEMPTION.  This benefit is 1 of the main reasons owning a home (instead of renting) is such a benefit, because of the big tax savings$.  This week we will benefit even further.  The following press release explains it all.

Tuesday morning, the Texas senate announced its tax-relief package. The proposed legislation includes three bills and one joint resolution that would total nearly $4.6 billion in tax savings. Key among the provisions is a constitutional ban on the creation of any tax on real estate transactions.

SB 1 by Sen. Jane Nelson (R-Flower Mound) would provide nearly $2.5 billion in property-tax relief by setting the state-mandated homestead exemption to 25 percent of the state's home median market value. The exemption is currently a flat $15,000. For 2016, the estimated exemption would be $33,625 for every Texas homeowner—an increase of almost 125%. Setting the exemption as a percentage also means the exemption would rise along with property values.

                   IF YOU'RE READY TO SELL YOUR HOME, CALL ME TODAY!

MARY ANN LIPSEY

281-723-8200

SELLING REAL ESTATE FULL TIME FOR 24 YEARS!