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6 The constitutional amendment increasing the amount of the residence homestead exemption from ad valorem taxation for public school purposes from $15,000 to $25,000, providing for a reduction of the limitation on the total amount of ad valorem taxes that may be imposed for those purposes on the homestead of an elderly or disabled person to reflect the increased exemption amount, authorizing the legislature to prohibit a political subdivision that has adopted an optional residence homestead exemption from ad valorem taxation from reducing the amount of or repealing the exemption, and prohibiting the enactment of a law that imposes a transfer tax on a transaction that conveys fee simple title to real property."

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9 Proposition 1 does FOUR separate things Let s break it into chunks

10 The constitutional amendment, providing for a reduction of the limitation on the total amount of ad valorem taxes that may be imposed for those purposes on the homestead of an elderly or disabled person to reflect the increased exemption amount, authorizing the legislature to prohibit a political subdivision that has adopted an optional residence homestead exemption from ad valorem taxation from reducing the amount of or repealing the exemption, and prohibiting the enactment of a law that imposes a transfer tax on a transaction that conveys fee simple title to real property."

11 The constitutional amendment increasing the amount of the residence homestead exemption from ad valorem taxation for public school purposes from $15,000 to $25,000, authorizing the legislature to prohibit a political subdivision that has adopted an optional residence homestead exemption from Provides ad valorem more taxation relief to from reducing the amount of or repealing the exemption, and prohibiting the enactment of a law that seniors imposes and disabled a transfer Texans tax on a transaction that conveys fee simple by extending title to real the property." full benefit of the new homestead exemption

12 The Prevents constitutional a local amendment increasing the amount of the residence government homestead from exemption from ad valorem taxation for public undoing school the purposes from $15,000 to $25,000, providing for a property reduction tax of relief the limitation on the total amount of ad valorem taxes that may be imposed for those purposes on the the homestead state is offering. an elderly or disabled person to reflect the increased exemption amount,, and prohibiting the enactment of a law that imposes a transfer tax on a transaction that conveys fee simple title to real property."

13 The constitutional amendment increasing the amount of the residence Prevents homestead state exemption and from ad valorem taxation for public school local purposes governments from $15,000 to $25,000, providing for a reduction from of ever the collecting limitation a on the total amount of ad valorem taxes that may be imposed for those purposes on the homestead sales of an tax elderly on real or disabled person to reflect the increased estate exemption transactions. amount, authorizing the legislature to prohibit a political subdivision that has adopted an optional residence homestead exemption from ad valorem taxation from reducing the amount of or repealing the exemption,

14 Flat fee or percentage of sales price Due at closing table Huge barrier to homeownership Does not exist in Texas we re being proactive! REALTORS /consumers in 36 states are not so lucky Pennsylvania 1% local; 1% state Washington (state) 1.53% to 2.03% (with local option) Connecticut -.75% (up to $800k); 1.25% (> $800k)

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17 Harms public schools

18 Prop. 1 mandates that the state

19 Shifts the burden to the elderly and disabled -

20 Far from increasing taxes on our most vulnerable homeowners, Prop. 1 would actually extend

21 Doesn t do enough

22 Prop. 1 will save millions of Texans, of dollars every year! Prop. 1 will prevent a sales tax on real estate, saving Texas homebuyers and sellers of dollars at the closing table

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24 TexansForProp1.com Facebook.com/TexansForProp1 Twitter.com/TexansForProp1 Texas Secretary of State website Am I registered? Oct. 5 deadline to register Early voting Monday, Oct. 19 Friday, Oct. 30 Election Day: Tuesday, Nov. 3, 2015

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