AUSTIN (WBAP/KLIF) – Recently passed property tax cuts in the Texas House and Senate are headed to Governor Abbott’s desk where they are expected to be signed into law.
“The Senate unanimously passed House Joint Resolution 2,” said Lt. Gov. Dan Patrick. “The final piece of the largest property tax relief package in Texas history, and likely the world.”
House Joint Resolution 2 authorizes a constitutional amendment election in November to allow for the provisions of Senate Bill 2 to be implemented. The impact of the $100,000 homestead exemption and the school district tax rate compression will be retroactive for the 2023 tax year to make sure Texans get maximum relief this year.
“Texans should take note of the November 7, 2023, constitutional amendment election date so they can vote in favor of this historic tax relief and several other key measures for the future of our state,” Patrick told the WBAP Saturday Morning News. “In 2021, Texas voters enthusiastically approved the constitutional amendment to increase the homestead exemption to $40,000 and I have complete confidence they will do the same this year to increase the homestead exemption to $100,000.”
Listen to Clayton Neville’s interview with Lt. Gov Patrick below:
According to Lt. Gov. Patrick, House Joint Resolution 2, by Sen. Paul Bettencourt, is the resolution that creates a constitutional amendment election for voters to approve the provisions of Senate Bill 2. Patrick said that if voters approve House Joint Resolution 2, a $100,000 homestead exemption would be permanently codified in the Texas Constitution, as well as create the 3-year pilot program for a 20% circuit breaker on non-homestead properties valued at $5 million or less, allow for the spending of state dollars for school district property tax rate compression without counting against the spending limit, and create local elections of 3 appraisal district board members in counties with a population of 75,000 or more. If approved, the impact of the $100,000 homestead exemption and school district tax rate compression will be retroactive for the 2023 tax year resulting in a tax cut of $1,250 to $1,450 for a homeowner living in the statewide average home valued at $331,000.
It’s not clear when Governor Abbott plans to sign the legislation into law.
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