Governor Abbott Statement On Passage Of Historic Property Tax Cuts
AUSTIN – Governor Greg Abbott today released a statement on the Texas Legislature’s passage of historic property tax cut legislation during Special Session #2:
“I made a promise to Texans during my campaign that the State of Texas would use at least $13.5 billion from our historic budget surplus to provide substantial relief to property taxpayers across Texas. Today, we will deliver even more with over $18 billion in property tax cuts. The Texas House and Senate fulfilled our promise with an agreement that delivers a comprehensive, long-lasting solution to increasingly burdensome property tax bills. I thank my partners in the Texas Legislature for coming together to honor the best interests of hardworking Texans who want to own their property—not rent it from the government. I look forward to signing this legislation into law to provide Texans with the largest property tax cut in Texas history.”
Statement from Speaker Dade Phelan on the Passage of Monumental Property Tax Legislation
AUSTIN, Texas – Texas Speaker of the House Dade Phelan today issued a statement following the passage of the House’s $18 billion property tax relief package:
“I am thrilled to announce the overwhelming passage of the House and Senate’s omnibus property tax legislation. The passage of this $18 billion package is a testament to the unwavering commitment of Texas leaders to address the concerns of taxpayers and provide significant relief from the burden of escalating property taxes.
“I want to express my gratitude to the Lieutenant Governor for his productive negotiations on this matter, to State Representatives Will Metcalf, Morgan Meyer, and Charlie Geren for their relentless work to get these bills over the finish line, and to all the members who voted to give Texas property owners the largest state property tax cut in this nation’s history. Their dedication and leadership have been instrumental in making this historic achievement possible, and Texas taxpayers will be the winners because of it.”
Highlights of the $18 billion tax cut legislation include:
- 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 (approximately 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 3-year pilot project.
- In counties with a population of 75,000 or more, three members will be added to the Central Appraisal District board of directors, to be elected in nonpartisan elections. This change aims to bring diverse perspectives and accountability to the decision-making process.
- Legislation will also include savings on the franchise tax for small businesses.