Explained: Proposition 9 on tax exemption on precious metals

Published: Nov. 3, 2019 at 2:31 PM CST
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Proposition 9 would exempt precious metals held in depositories around the state from property taxation.

Right now, there is a depository in Shiner, Texas and sources say another is set to open next year in Leander.

These are facilities that hold a person's gold, silver, platinum, and other metals, for a fee.

Critics like Progress Texas says, "Texans deserve a fair tax system that ensures industrial and commercial properties pay their fair share. This proposition does not allow for that."

Supporters say other states do not tax precious metals, so creating this exemption would allow Texas depositories to be more competitive.

A vote yes means precious metals held in Texas depositories are exempted from property taxes..

A vote no means they aren't.