Texas Senate, House reach property tax relief deal

After months of trying to reach a deal, leaders of the Texas Senate and House announced proposed legislation for property tax relief on Monday.

Lt. Gov. Dan Patrick and House Speaker Dade Phelan released a joint statement detailing the following proposed legislation:

• 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 (about 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 three-year pilot project.

• The legislation will also include savings on the franchise tax for small businesses and create newly elected positions on local appraisal boards.

The two chambers of the Texas Legislature could approve the property tax bills later this week. For more on this story, visit our partners at KXAN News.

source

Related Articles

wpChatIcon