You may not have realized it but November 3rd is an important day for anyone who owns property in Texas.That is the day Texans will vote on several proposed state constitutional amendments that will affect your rights as a property owner.
Among them is amendment #2 that will change the way property taxes are computed. If passed, the amendment would authorize the legislature to compute the tax owed on a residential homestead solely on the basis of the properties value as a homestead, and not consider it's"highest and best use".
People in favor of the amendment say that it will protect residential homesteads from large appraisal increases resulting from consideration of a properties highest and best use. Similar to the protection already in place for agricultural and open spaces. It would keep surrounding commercial developments from driving up property values of residential homesteads.
People against it say that it would reduce the aggregate value of taxable property and in the process reduce local government's tax revenue. It could also reduce some school districts per student taxable property values causing the state to have to contribute more funding under the Foundation schools programs equalization formula.
Whatever your position on this issue it is important that you get out and vote on November 3rd and make your voice heard!!!!!!