Legislators inch closer to agreement on property tax relief for Texas homeowners.
Although there is still much to be determined when it comes to how property tax relief will be provided, Texas lawmakers have decided on a potential portion of the state budget to allocate to fund it.On Thursday, Texas legislators were able to reach one agreement on the widely-debated topic of property tax cuts – allocating $17.6 billion in property tax relief as part of a final proposed state budget of $321.3 billion to be spent over the next two year.
Although this is amount outlined in the budget, it may be contingent on how lawmakers decide to provide these property tax cuts to home and business owners – which still hasn’t been determined. The only thing Patrick and Phelan, along with their prospective chambers, agree on is that some of the money set aside for property tax relief should be given to public school districts to enable them to cut their tax rates.
Despite the House’s attempts, there is yet to be any indication that Patrick changed his mind about lowering the appraisal cap.
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