Texas Legislature passes record $18 billion property tax relief package

Legislation to slash Texans' property taxes is heading to Governor Greg Abbott's desk. The House and Senate adopted the measures Thursday evening.

The centerpiece of the package is Senate Bill 2. It lowers the school property tax rate for all homeowners and business properties. And Texas homeowners will also see their homestead exemption increase from $40,000 to $100,000. Homeowners over 65 and disabled homeowners will see their homestead exemption rise to $110,000.

SB 2 also includes a "circuit breaker" provision for non-homesteaded properties, both residential and commercial. This will limit the annual growth of tax bills for all such properties worth $5 million or less to no more than 20 percent under a three-year pilot project. And the bill contains a provision that will let voters in counties of more than 75,000 people elect three members of their countywide appraisal boards, starting in May 2024.

Shooting in my office by Tierra Mallorca is licensed under Unsplash unsplash.com

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