MIDLAND, TX (KWES) - The Permian Basin Board of Realtors met Monday morning to discus Propositions 1 and 7 of this year's ballot.
Proposition 1 will affect all homeowners in the state of Texas. If passed, the proposition would help to lower home ownership costs, prevent new taxes, and provide relief to senior citizens and the disabled. The state-mandated homestead exemption would be increased to $25,000 from $10,000. The proposition will also prohibit sales taxes on real estate transactions.
"The biggest thing to understand about Proposition 1 is that it is a benefit to everyone, including the school districts. No loss of revenue. We've got taxation benefits by lowering actual property taxes immediately," said Cameron Willmann, President of Permian Basin Board of Realtors.
Proposition 7 would help to establish funding for Texas roads by allotting portions of sales tax and motor vehicle sales tax to the State Highway Fund. About $2.5 billion taken from state sales tax funds would be used on non-toll road projects.