If the VATRE is approved by voters in November, the tax rate will still be lower than last year’s tax rate. In other words, if the homeowners’ appraised value did not increase from 2021 to 2022, they will pay less in school taxes this year, even if the VATRE ballot measure passes.
Owners of a home valued at $200,000 (with a homestead exemption) would pay approximately $48 per year or $4 per month more than they would pay if the VATRE is not approved by voters. Homeowners who have the disabled residence homestead exemption or over 65 homestead exemption will not see their property taxes increase because state law freezes their taxes as long as they remain in their homes and do not make any major home improvements.