All articles tagged with #property tax cuts
Texas lawmakers approved a $338 billion two-year budget focusing on property tax relief, education funding, and infrastructure, with significant allocations for public schools, water projects, and tax cuts, funded largely by a surplus and federal funds, pending final verification and governor approval.
The Texas House has advanced an $18 billion legislative package to cut property taxes, which includes lower taxes for homeowners, a temporary cap on appraisal increases for some non-homesteaded properties, franchise tax relief for small businesses, and funding for school districts to cut taxes for all property owners. The package is expected to be approved by the Senate Finance Committee and both chambers of the legislature, and could be signed into law by Governor Greg Abbott by the end of the week. Democrats have raised concerns about the lack of relief for renters and additional funding for schools.
The Texas Senate has proposed a $12.7 billion bill to cut property taxes for all land-owning Texans, which includes targeted tax relief for homeowners, state funding for school districts to cut their tax rates, and more businesses receiving a break on their franchise tax bills. However, it is unclear whether the proposal will be acceptable to Texas House Speaker Dade Phelan or Gov. Greg Abbott, and how the bill would pass both chambers since the House has already adjourned for the remainder of the special session.