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

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

Priority legislation to address the state's affordability crisis passed the Texas Senate and is now headed for the state house. Senate Bill 4, which carves out a $140,000 homestead exemption, was approved unanimously on Thursday.