Proposals to cut property taxes by raising the Texas homestead exemption to $140,000 cleared a key hurdle when a bipartisan committee voted unanimously

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

In the latest of his many attempts to curb Texas' high property taxes, Republican Governor Greg Abbott wants to give the state's homeowners the power to weigh in on every hike. It's a move that critics warn could have a dramatic impact on the funding for public services in the Lone Star State.

Legislation has been filed in the Texas House and Texas Senate to end the process of changing the clocks twice a year.