TX SB4

Increases the residence homestead exemption from school district property taxes from $100,000 to $140,000 of appraised value, effective for tax years beginning January 1, 2025

Provides additional state aid to school districts to offset revenue losses from the increased homestead exemption, ensuring districts receive funding equivalent to what they would have collected without the exemption increase

Requires school districts to calculate and bill 2025 property taxes provisionally, assuming the homestead exemption increase takes effect, with supplemental bills to be issued if voters reject the accompanying constitutional amendment

Allows school districts with excess local revenue to delay required elections on reducing their tax base until after voters decide on the constitutional amendment (S.J.R. 2), with the commissioner setting alternative election deadlines

Mandates tax bills include a statement showing homeowners the savings from the property tax relief legislation and explaining the provisional nature of the bill pending voter approval of the constitutional amendment