In November 2023, Texans have witnessed a monumental victory with the passing of Proposition 4. This significant measure increased the homestead tax exemption from $40,000 to $100,000. The impact of this decision cannot be overstated, as it serves as a boon to homeowners across the state.
The increased exemption took effect for the 2023 tax year, so make sure you see the full reduction in taxable value on your statement. If you have any questions about your property tax exemptions, visit www.kaufman-cad.org to find more information or contact a real estate agent to help you understand your tax bill.
For 2023, the unexempt property tax rate averaged 2.64% in Devonshire and the average tax bill was $10,400. While the average tax rate in Devonshire fell from 2022 to 2023, the assessed taxable values for many homes increased enough to offset the tax savings from the higher homestead exemption. Due to the increases in assessed values in 2023, many Devonshire residents submitted a protest with the Kaufman County Central Appraisal District.
However, the expectation is that taxable values will be lower in 2024 based on the decline in market values between assessment dates from January 2023 to January 2024. Lower taxable values may cause property taxes to fall in 2024, but we will not know until October 2024 when the tax bills are mailed to homeowners.
Proposition 4 also established a 20% cap on the annual increase in taxable values of non-homestead properties under $5 million in value, as well as established elected positions on local appraisal boards.
