The Texas Public Policy Foundation (TPPF) is marking the passage of Senate Bill 2 and Senate Bill 3 by the Texas legislature, delivering the largest property tax cut in state history, and fulfilling a promise by Gov. Greg Abbott to provide relief to taxpayers and stimulate economic growth.
The bills provide property tax relief and administration improvements, according to the Texas legislature website.
"TPPF thanks and congratulates Gov. Abbott, Lt. Gov. (Dan) Patrick, and Speaker (Dade) Phelan for delivering the largest property tax cut in Texas history,” Greg Sindelar, CEO of the TPPF, said in a press release. “The $18 billion tax relief package unveiled today will ease the burden for millions of tax-weary Texans and keep the Texas economy strong. Everyone will pay lower taxes under this plan—and they'll notice it."
The tax relief legislation helps Abbott fulfill a campaign promise he made during his re-election bid.
“I promised during my campaign that the state would return to property taxpayers at least half of the largest budget surplus we have ever had,” Abbott said in a July 10 press release. “Today's agreement between the House and the Senate is a step toward delivering on that promise. I look forward to this legislation reaching my desk, so I can sign into law the largest property tax cut in Texas history."
The agreement was unveiled in a joint press release by Patrick and Phelan, noting the tax cut is approximately $18 billion, and includes plans that will offer relief to property owners and drive economic growth statewide.
Highlights of the legislation include cuts to school property tax rates, the formation of a $100,000 homestead exemption for homeowners, the rollout of a 20% circuit breaker on the appraised value of some properties, and franchise tax savings for small businesses, according to the news release from Patrick’s office.
The measures will ease the tax burden shouldered by property owners and provide an environment for businesses to realize growth, driving economic benefits across the state, according to Patrick and Phelan.
