Proposals to cut property taxes by raising the Texas homestead exemption to $140,000 cleared a key hurdle when a bipartisan committee voted unanimously

Read more Texas Senators voted unanimously to increase the homestead exemption to a record amount for homeowners, but during the debate some lawmakers brought up concerns about local taxing entities offsetting the savings created by the state government.

If the Legislature approves SB 4, Texas voters would have to approve the amendment to the state Constitution to make the tax cut permanent.

The marquee proposal would increase the amount of a home’s value exemption from school taxes to $140,000 from $100,000.