Lt. Gov. Dan Patrick's $16.5 billion property tax relief proposal for the Senate was revealed Tuesday. The plan includes continued school district tax cuts as...
Lt. Gov. Dan Patrick presides over the Senate at the Capitol on the first day of the 88th Legislative Session Tuesday January 10, 2023. Patrick unveiled a $16.5 billion property tax relief proposal Tuesday.AUSTIN – Lt. Gov. Dan Patrick unveiled a property tax relief package Tuesday showing a continued divide between the leader of the Senate and House Speaker Dade Phelan on how Texas should spend a historic budget surplus to cut tax bills.
“What we have is tremendously good news for Texas taxpayers today,” Houston Republican Sen. Paul Bettencourt said at a media briefing at the Capitol. “These are eye popping, off-the-chart numbers of savings that they can realize through the Senate plan.” “We’re not having an argument with the House,” Patrick said. “We’re just saying there’s just some misunderstanding of what it does in this day and time.”The argument against lowering the property tax appraisal cap is that doing so would artificially deflate the taxable value of desirable properties – homes and businesses that otherwise would see their values increase rapidly. To make up for the difference, cities, schools and other taxing authorities might adopt higher tax rates.
Craymer said the appraisal caps would increase cost of doing business in Texas as industrial companies with depreciating property values and tax bills make up the difference in tax revenue caused by savings to longtime homeowners.
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