![]() ![]() “The Governor has also been clear that the only way a property tax bill gets to his desk is for the Texas House and Texas Senate to agree to a bill and get it to the Governor’s desk, and he encourages the two chambers to work toward a solution.” ![]() “The Governor has been clear that his goal is to put Texans on a pathway to eliminate their school property taxes, and the best way to do that is to devote all property tax relief to cutting property tax rates,” Renae Eze, Abbott’s spokeswoman, said. Greg Abbott didn’t seem impressed with the Senate’s new plan, however, given a statement from his office. This proposal by the Senate is the latest in a back-and-forth between the two chambers, now including the governor. The Senate’s tone on Tuesday toward their opposite chamber was notably softened compared with recent days and the senators implored the House to come back to Austin. ![]() “Something you see here is that Democrats and Republicans want the $100,000 homestead exemption … These members are not going to give up on the homestead exemption,” Lt. Its projected fiscal note is $600 million, which the Senate is compensating for with a deposit from its Property Tax Relief Fund. The increase to the franchise tax exception prevents 67,000 more businesses from having to pay that tax, according to Bettencourt. The plan also fixes the glitch in state code that requires a follow-up change in the law to ensure elderly and disabled homeowners receive the tax relief commensurate with standard homeowners. The “savings” is compared with what a tax bill would be without the reform, not a reduction from the previous tax year’s bill. Per Bettencourt, the “savings” for a homeowner in this plan is estimated to be $1,270 for an average homeowner and $1,450 for an elderly or disabled homeowner. “When you have this type of agreement from your Senate colleagues, I think it speaks volumes.” “This is simply the best tax package that we’ve produced,” Bettencourt said at a press conference after the bills passed. Dan Patrick said that the additional tranche does not come from the roughly $1 billion line-item vetoed by Gov. This new plan raises the total itemized for relief by $400 million compared to what was budgeted in a contingent rider on property taxes. That year, the voter approval rates were reduced from 8 percent down to 2.5 percent - and should this new plan pass, the bar triggering voter approval of a tax increase would be lowered even further. This comes in addition to the already appropriated $5.3 billion in the 2024-2025 state budget to continue 2019’s level of rate compression. Reduces the school district voter-approval rate from 2.5 percent to 1.75 percent.Raises the franchise tax exception from $1 million to $2.47 million.$5.3 billion to raise the homestead exemption to $100,000.$7.4 billion for new school district rate compression.Paul Bettencourt (R-Houston) this morning and promptly passed, both unanimously. Senate Bill (SB) 26 and Senate Joint Resolution (SJR) 2 were filed by Sen. Austin, TX, 17 hours ago - The next move in this legislative game of checkers over property taxes saw the Senate introduce a new $12.7 billion plan that adds a new facet to its previous proposals. ![]()
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