On November 3rd, Texans have an opportunity to pass a constitutional amendment that will provide a massive benefit to homeowners and the real estate industry. If passed, Proposition 1 will lower property taxes for all Texas homeowners. It will also permanently ban a sales tax on real estate transactions.
Proposition 1 increases the amount of the residence homestead exemption from ad valorem taxation for public school purposes from $15,000 to $25,000, providing for a reduction of the limitation on the total amount of ad valorem taxes that may be imposed for the purposes on the homestead of an elderly or disabled person to reflect the increased exemption amount, authorizing the legislature to prohibit a political subdivision that has adopted an optional residence homestead exemption from ad valorem taxation from reducing the amount of or repealing the exemption, and prohibiting the enactment of a law that imposes a transfer tax on a transaction that conveys fee simple title to real property. “This is a unique marketing opportunity for us to reach out to our clients—they will really benefit from passing Prop 1. Use the resources at: texansforprop1.com/realestate to let your friends, families, and clients know about the importance of Prop 1,” said Al Juardo Jr., chairman of the TAR Political Affairs Committee in an article in Texas Realtor Magazine September/October 2015 edition.
In any election, the most important thing to do is to vote. Go to the polls November 3rd, or vote early beginning October 19-30.
S.A. Home sales were up 7.5% for September compared to the same time period last year. The median home price for September was up 3.6%. In 2014 the median home price was $185,000 compared to September this year at $191,700. In the San Antonio area, inventory remains low at four month—the same amount of time it would take to sell all homes on the market if none were added. So, San Antonio continues to be a seller’s market: 6 1/2 months is considered to be a balanced market by the Texas A&M Real Estate Center.
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© 2015 SWBC. All rights reserved. This article is for informational purposes only and not intended for consumer distribution. Do not use it as financial and/or political advice. The opinions expressed in this article are not necessarily those of SWBC Mortgage, CENTURY 21 The Hills Realty, or any of their affiliates. Information for this article from but, not limited to, the Wall Street Journal, S.A. Business Journal, NAMB, Real Estate on-line magazine, S.A. Express News and MBA News Link. To be removed from this email reply “remove” in the subject line. For questions/comments contact Tony Stevenson at 1.800.460.6990 or email email@example.com. Loans are subject to credit and property approval. Other restrictions and conditions may apply. Programs and guidelines are subject to change without notice. Rates are subject to change daily. This email is an advertisement from SWBC Mortgage Corporation, NMLS #9741. Corporate office located at 9311 San Pedro Avenue, Suite 100, San Antonio, TX 78216. 8540-5937 NMLS#9741(www.nmlsconsumeraccess.org)