BEWARE! A New Law In Texas Starts January 1st, What You Need To Know

​The 2023 year has flown by extremely fast, and Texas is now preparing for 2024, which is right around the corner. As the new year approaches, Texans are writing out their New Year’s resolution, making plans, and preparing for what the future holds. According to Fox 4, the future of 2024 will take effect on the actual first day of January.

Get our free mobile app

That is correct, there will be 31 new bills and 13 sections for other bills starting January 1 and many of the laws have to do with, the taxes here in Texas. In November, Texas voters approved one of the biggest property tax rebates in history because of the senate bill which is permanently raising homestead exemption on local school taxes from $40,000-$100,000 a year, which is a very big jump.

Now I know that this might seem like I’m throwing a lot of words around that you possibly don’t understand, so to put it in Layman terms, article 4 bill limits, appraisal value, and increases for non-homesteaded property values that are less than $5 million to 20% per year. This means, that if you happen to have a property valued at 100,000 sometime last year it can now be appraised at 125,000 this year because your taxes will be based on the value of $120,000 and home sale properties will still have a 10% appraisal value cap. The price for homes this year in Texas has struck uncomfortable conversations amongst plenty of homeowners, but now you can have an idea of what’s happening in your state and it all begins on January 1.