During the Second Special Session of the 88th Texas Legislature, the Texas House successfully delivered meaningful, substantial property tax relief to Texans.
As promised in the state budget passed during the regular session, the Texas House is committing $18 billion in property tax relief to Texans, and businesses – the state’s largest property tax cut in history! From reducing the school property tax rate to increasing the homestead exemption to reforming the appraisal process, this package will provide Texans with meaningful property tax relief.
Before you start counting your savings, here’s what you need to know is included in the tax relief package…
Senate Bill 2 and House Joint Resolution 2
Over $12 billion will be spent on reducing 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. The homestead exemption will increase to $110,000 for elderly residents.
Non-residential 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.
Creates newly elected positions on local appraisal boards and provides a petition option for appraisal board candidates instead of filing fee.
Senate Bill 3
Doubles the current exemption from paying the franchise tax to $2.47 million and removes the requirement to file a no-tax due franchise tax return.
The new property tax relief plan represents a significant win for providing relief to Texas property owners and reflects the commitment of Texas leaders to address the concerns of taxpayers and provide significant relief from the burden of escalating property taxes. This is the most comprehensive tax package in Texas history. Not only does it support Texas homeowners, but businesses, renters, and anyone who owns property. Texas House Republicans firmly believe that Texans deserve affordable, predictable property taxes, and this package ensures just that.
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This is BS, it does NOT fix the problem of spending!!! Audit ALL the school districts and get them back to the basics!!!