Texas Set To Help With Property Taxes With New $18 Billion Bill
Discussions about relief for Texans have been underway for some time in the state. As recently as June 27th, according to KXAN, plans for any type of relief for residents of the state have been in negotiations. Many have wondered when, if at all, help would be on the way.
Thankfully, it looks like the long awaited relief sought after by many individuals in the state may soon come to fruition. Here are the latest details.
New Proposed Legislation
The latest we know about the proposal is provided by KXAN. According to the news organization, Lt. Gov. Dan Patrick And Dade Phelan provided the information in a combined statement. Here's what was provided:
- 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.
KXAN also reports that a constitutional amendment will be set in motion in the house, with the omnibus property tax and franchise tax relief bills will emanate in the senate.
The goal, according to news organization, is to pass them by the end of the week.
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