Explained: Proposition 3 on tax exemptions on damaged property

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(KWTX) Early voting is underway ahead of the Nov. 5 General Election in which Texas voters will decide the fate of 10 proposed constitutional amendments as well as local bond proposals and city council and school board races.

Proposition 3 would allow for a temporary exemption from the ad valorem tax on property damaged in a natural disaster.

Texas is no stranger to tornadoes, hurricanes, flash floods, and wildfires, which can cause billions of dollars in damages.

The measure would apply to property such as homes businesses and the tangible contents of a business it also includes vehicles used to provide income.

The local appraiser would re-appraise the damaged property to adjust the value of it.

A portion of the property tax would be exempt for those in places declared a disaster area by the governor.

Earlier this year, state lawmakers approved a measure HB 492 that kicks in on Jan. 1, 2020, if voters approve Prop. 3.

Some argue Prop. 3 helps get local communities back on their feet after a disaster much faster.

On the other hand some say the measure gives local taxing entities the option of allow the exemptions and how much they are but doesn't guarantee it.

A “yes” vote means a break on the ad valorem tax on property damaged in a natural disaster.

A “no” vote means it all stays the same.