Governor Greg Abbott has issued a proclamation setting Saturday, May 7, 2022 as the special election day for two proposed constitutional amendments in Texas.
The two proposed constitutional amendments on the ballot are:
PROPOSITION 1: The constitutional amendment authorizing the legislature to provide for the reduction of the amount of a limitation on the total amount of ad valorem taxes that may be imposed for general elementary and secondary public school purposes on the residence homestead of a person who is elderly or disabled to reflect any statutory reduction from the preceding tax year in the maximum compressed rate of the maintenance and operations taxes imposed for those purposes on the homestead.
PROPOSITION 2: The constitutional amendment increasing the amount of the residence homestead exemption from ad valorem taxation for public school purposes from $25,000 to $40,000.
If approved, this is estimated to save the average homeowner approximately $176 on their annual property tax bill. If approved, it would cost the state $600 million annually. The state will use a $4.4 billion surplus to pay for the measure’s first-year cost.