Senate Bill 4, known as the Homestead Tax Exemption Bill, advanced through the Texas Legislature.

The Texas Senate approved an increase to the homestead exemption from $100,000 to $140,000. The homestead exemption is a break on property taxes for resident's primary home.

Hidalgo County Appraisal District Deputy Chief Jorge Gonzalez explains just how much property owners could save a year.

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"The savings is for the extra $40,000. The state has estimated the amount of $363 on average of extra savings to someone that already has a homestead exemption," Gonzalez said.

Valley homeowners like Jesse Rangel say they welcome this type of relief in this economy.

"This is really going to help a lot of people, there are a lot of people right now that could use the help with the high costs, whether it's just groceries or just high costs. It would help a lot of people," Rangel said.

The homestead exemption bill now heads to the Texas House for a vote. If passed, then it makes its way to Governor Greg Abbott for a signature.