Failed bill would have tied home tax breaks to local sales tax

The measure would tie a Fannin County homestead property tax exemption to proceeds from a 1 percent local sales tax. It would cover a resident's homestead property in Fannin County, only for the part within the special district. Any value above the exempt amount would remain taxable. The measure would take effect only after approval by at least two-thirds of both legislative chambers and by more than half of county voters voting on the question. A homeowner would generally need to apply. Someone who received another county homestead exemption for the same property in the prior tax year and remains eligible could receive this exemption without applying again. If approved, the exemption would apply to tax years from 2027 through 2039. The proposed sales tax would run from January 1, 2028, through December 31, 2037.