Election 2015: Texas Voters Overwhelmingly Support Tax Relief for Homeowners, Transportation Improvements

Kristin Smith, left, and Leslie Smith.

Guest post by Leslie Rouda Smith, Chairman of the Texas Association of Realtors

Thanks to strong support and a lot of hard work from the Texas Association of REALTORS®, statewide Proposition 1 passed with 86% of the vote.

This resounding victory will save the state’s current and future homeowners money in two ways:

• The homestead exemption will increase from $15,000 to $25,000, reducing homeowners’ property-tax burden.
• Passage of this proposition also means real estate transfer taxes are constitutionally prohibited, which saves consumers money when they buy or sell property.

Thanks to all REALTORS® for spreading the word about the importance of this ballot item.

In addition, statewide Proposition 7, which the Texas Association of REALTORS® also supported, passed with 83% of the vote. Proposition 7 will help provide long-term transportation solutions by allocating a portion of sales and use tax revenue to the state highway fund through 2032.