Breaking: Texas senators approved a $16.5 billion package to lower property taxes. The proposals would pump billions of state dollars into public schools and give bigger tax breaks for homeowners and business owners.
, The Texas Tribune’s daily newsletter that keeps readers up to speed on the most essential Texas news.’s agenda on property tax cuts this legislative session, which would pump billions of state dollars into public schools and give bigger tax breaks for homeowners and business owners.
Senators also passed — but were less sure about — Senate Bill 4. That bill would require the state to funnel at least $5.38 billion into public schools, which make up the biggest chunk of Texans’ property tax bills. That’s on top of $5.3 billion that Senate budget writers have separately proposed for property tax cuts over the next two years.
Bettencourt tried to tamp down that skepticism, noting that Texas’ economy is booming and that voters will ultimately decide the measure, which will go to the ballot box as a proposed constitutional amendment. In turn, the state would cover the district’s shortfall and, because the tax rate would go down, so would the district’s Robin Hood payments, Ramos said.“It’s basically a flat effect for school districts,” Ramos said. “There’s no new money for us with this bill. But what it does is ... lower property taxes throughout the state.”
“When the state is looking at its $32 billion surplus, if about half of that is going to be taken because of property tax compression, what is left for other needs of the state?” he said. Ultimately, the Senate tax proposals to raise the homestead exemption and cut business property taxes would go before voters —The Senate proposals now head to the House, where legislators have taken a different approach to reducing property owners’ tax burdens.
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