Dollars & Sense: How you could benefit from voter-approved property tax relief

NORTH TEXAS (CBSNewsTexas.com) — Property tax relief is on the way to Texas homeowners after voters approved Prop 4 Tuesday night.  Among other things, the measure raises the school homestead exemption from $40,000 to $100,000 for most homeowners.    

With mortgage rates over 7% and the median home price in Dallas-Fort Worth hitting $400,000 in 2022, according to the Texas A&M Real Estate Research Center, this change will be a welcome one to most homeowners.

But with rising property values, how much relief will this actually provide? 

Keith Russell used his own property tax bill as an example of how the changes work in practice. Watch him break it down in the video above. 

Every week, CBS News Texas anchor Keith Russell tackles a personal finance segment in his Dollars & Sense segment. Watch it every Wednesday on CBS News Texas at 7 p.m. on TXA 21.

Here are some topics Keith has recently covered:

• Is now a good time to buy a home?
• The importance of good credit
• Using a credit card to your advantage

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