Waco, TX (FOX 44) — As we inch closer to November elections homeowners are discussing how they can save on their taxes.

The McLennan County Appraisal District says homeowners can currently get a homestead exemption to reduce their taxable property value by $40,000.

If voters decide to support the property tax cut deal, homeowners can reduce their property tax value by $100,000.

“Now we have a constitutional amendment that’s coming to the voters in November, which will increase it to $100,000, which is only for the school districts. It’s not affecting the county’s tax rate or the exemption the county gives or what the other cities do,” said McLennan County Chief Appraiser Joe Bobbitt.

Bobbitt says the state payed a majority of school taxes in the past.

However as property values increased, the burden shifted to homeowners to pay for school operations.

Now, the state is trying to use its funds to support schools and rely less on the community.

“School makes at least half your tax bill and then the county and city make up the remainder, so I should see most people should see roughly $700 in hand savings on average,” said Bobbitt.

Bobbitt based this number off of the average property value for McLennan county homeowners which is $313,000.

Some homeowners can be fully exempt from school taxes if their home value is $100,000 or less.

“Your house is completely exempt when it comes to school taxes. You’ll still may have to pay tax to the county and possibly to a city,” said Bobbitt.

Greater Waco Realty realtor Madison Ugochukwu says many homeowners are eligible to apply for a homestead exemption.

“Anyone that lives in their home as long as it’s not like an investment property or like a rental. As long as its your actual physical homestead where you live, you are eligible for the homestead exemption,” said Ugochukwu.

You’re able to apply for the homestead exemption at any time.

If you’re a current homeowner applying, Ugochukwu says you can receive a tax refund for the last two years you paid on your property.

To apply for a homestead exemption you can go to your county appraisal office website to print and fill out the form.

For McLennan county homeowners, you can submit your information online.