Texas Senate Passes $16.5 Billion Property Tax Cut Bill

The Texas Senate has unanimously passed a $16.5bn package to lower property taxes, which includes raising the state's homestead exemption for school districts and cutting business property taxes. The package also requires the state to funnel at least $5.38bn into public schools, which make up the biggest chunk of Texans' property tax bills. The bill would cut school property tax rates by 7 cents per every $100 in property value. The Senate proposals now head to the House, where legislators have taken a different approach to reducing property owners' tax burdens.