Texas lawmakers announced plans to increase the amount of money homeowners can exempt from the taxable value of their properties. Gov. Greg Abbott called it the “largest property tax cut” in state history.
In addition to increasing property tax exemption from $40,000 to $100,000 for homeowners, the deal would shift a portion of schools’ operating costs to the state and reform the Texas appraisal system.
The legislation is expected to pass, as Texas lawmakers have seemingly come to an agreement as to the allocation of $18 billion set aside for tax cuts. “It may have taken overtime, but the process has produced a great bill for homeowners and businesses,” said Lt. Gov. Dan Patrick in a news statement.
Abbott — who has previously stated he wants to abolish property taxes altogether — said he will sign the bill into law after it receives official approval from state lawmakers. “I look forward to this legislation reaching my desk, so I can sign into law the largest property tax cut in Texas history,” he said.