AUSTIN (WBAP/KLIF) – Lieutenant Governor Dan Patrick and Speaker Dade Phelan say they have reached an $18 billion deal on property tax legislation
According to lawmakers the deal represents a significant win for providing relief to homeowners.
Highlights of the bill include
• Over $12 billion will be spent on reducing the school property tax rate for all homeowners and business properties.
• Every homeowner who homesteads their home (approximately 5.7 million homeowners) will get a $100,000 homestead exemption.
• Non-homesteaded properties, valued at $5 million and under, including residential and commercial properties, will receive a 20% circuit breaker on appraised values as a 3-year pilot project.
• Legislation will also include savings on the franchise tax for small businesses and create newly elected positions on local appraisal boards.
The senate and house will file legislation Monday with the goal of passing the bills later this week.
Governor Greg Abbott says he promised during his campaign that the state would return to property taxpayers at least half of the largest budget surplus we have ever had. Abbott added “Today’s agreement between the House and the Senate is a step toward delivering on that promise. I look forward to this legislation reaching my desk, so I can sign into law the largest property tax cut in Texas history.”
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