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Tax gift for older moms

May 13, 2007

Lone Star State voters gave older mothers — and fathers and even childless folks — a present this Mother’s Day by approving Proposition 1.

The constitutional amendment was the only statewide issue on the ballot in yesterday’s election. Its passage now means that Texas homeowners who are over 65 or disabled will get a rate reduction in their school property tax rates for 2006 and 2007 tax years.

Those folks didn’t get property tax relief last year when everyone else did because the state’s constitution already called for a special freeze on their rates. Under that provision, these property owners owed whatever their tax liability was the year they turned 65 or declared their disability status.

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As expected, the ballot topic didn’t spark much interest among the overall electorate. While the proposition passed easily (88 percent approved), fewer than 10 percent of registered voters came out to vote.

My personal polling experience supports that. When I stopped by the elementary school to vote, the 10 voting booths were more than enough for the me and the four other voters there, who obviously were old enough to personally benefit from Prop 1’s passage.

I supported their cause, too. Mostly because I agree that everyone should get as equal as possible tax break consideration.

Plus, I’m hoping that by the time the hubby and I are older, our voting Karma will pay off and younger voters then will give us the same consideration.

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The More Tax Posts tab at the top of this page will take you to, well, more tax posts. You also can search below for a tax topic. 

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TAX-SAVVY WAYS 
TO WRAP UP 2026

It’s over! With October’s extended filing deadline behind us, it is now time to focus on year-end moves to reduce your 2026 tax bill. 

You’ll find ways to do just that on the Tax Tips page (see the More Tax Posts drop-down menu at the top of the blog), as well as the separate tax tip pages for each month, notably October through December. If you’re on the Tax Tips page, you’ll find a monthly list at the end of this column. If you’re on another blog page, you can head straight to the October tips; at the bottom of that tips page you’ll find links to all the other 11 months’ collections of tax advice.

Not to spoil what you’ll find in that tax advice, but it does cover such things as tax deductions for charitable donations, investment moves that could reduce tax due, and ways to max out your tax-favored retirement savings. 

Finally, as the year winds down, things get hectic. There are lots of other things to occupy our time, like the much more fun upcoming holidays. But don’t lose sight of taxes, since timing is key. To be of use, most tax moves must be made by the end of the tax year. That’s Thursday, Dec. 31, which also is the last business day of the year. 

So that you don’t miss that final tax year deadline, also keep an eye on the countdown clock below. It will keep you on top of just how much time is left to make important, tax-saving moves. (Note: I’m in the Central Time Zone, so adjust accordingly for where you live.)

Comments
  • A Saturday election? How odd!
    Voter turnout is generally pretty bad though, especially for little elections.

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