If the Legislature approves SB 4, Texas voters would have to approve the amendment to the state Constitution to make the tax cut permanent.

SB 4 would increase the Homestead Exemption from $100,000 to $140,000, and up to $150,000 for seniors and disabled people.

The Texas Senate gave unanimous approval to proposals to cut property taxes by raising homestead exemptions to $140,000, sending the measures to the House.

Increasing the homestead exemption would cost the state roughly $3 billion over two years and add to a growing tab of property tax cuts.

The marquee proposal would increase the amount of a home’s value exemption from school taxes to $140,000 from $100,000. The legislation must win approval from the House next.

"The Texas Senate's passage of SB 2 is the biggest launch of any universal school choice program in American history, with $1 billion in funding for 100,000 students," Lt. Gov. Dan Patrick said in a statement Wednesday night.

Senate Bill 2 now heads to the House, where top officials say they have the support to create education savings accounts.

A Texas Senate bill to raise the homestead exemption and provide relief to the state's property taxpayers quickly passed out of committee Tuesday.

State lawmakers are considering a plan to lower property taxes. The bill, that is quickly moving through Texas Legislature, would increase the homestead exemption.

A bill is making its way through the Texas legislature that would cut homeowners some slack: Senate Bill 4 by Sen. Paul Bettencourt, R-Houston, will raise the homestead exemption from $100,000 to $140,