An easy way to lower the cost of homeownership

In Lehman's Terms Texas property owners scored several victories during the most recent session of the Texas Legislature. I think the biggest of these victories is landmark legislation that could lower your property tax and prevent a tax on real estate sales-important if you ever buy or sell property. I say "could" because the legislation approved by the Texas Legislature puts the decision to approve these historic measures in the hands of the voters. That's right. Proposition 1 on your November 3 ballot, if passed, will lower the cost of homeownership. Proposition 1 will increase your homestead exemption by 66%, which will lower your property tax. Proposition 1 will ban transfer taxes on real estate-a tax that already exists in 37 other states. There's no question about it. If voters approve Proposition 1, property owners will save money-now and in the future. Is there still work to be done on property tax reform? Of course. The appraisal system needs fixing, and local taxing entities could reduce their costs and save you money. But lawmakers have sent a message: Texas is serious about lowering the cost of homeownership. Now it's up to you. Mark Lehman is the vice president of governmental affairs for the Texas Association of REALTORS®.