HB 2611 increases the homestead exemption for school district property taxes from $100,000 to $140,000, contingent on the approval of a constitutional amendment. The bill ensures that school districts receive additional state aid to offset revenue losses caused by the exemption increase. It modifies multiple sections of the Tax Code and Education Code to adjust school finance formulas, recapture payments, and state funding mechanisms. The legislation also provides transitional provisions to prevent financial disruptions for school districts and taxpayers. If approved, the new exemption would apply to ad valorem tax years beginning January 1, 2025. If the corresponding constitutional amendment is not approved by voters, the changes in Article 1 of this bill will not take effect​.