House lawmakers added a significant boost to the Senate’s proposed homestead exemption and tacked on a contentious idea to lower the state’s appraisal cap. TX kprc2 click2hou
The bill “provides immediate and permanent property tax relief and improves the predictability of the property tax system,” said state Rep.The House must vote on the proposal before sending it back to the Senate, where lawmakers from both chambers will try to hammer out their differences.
For all that, local governments and school districts could easily keep their tax rates higher than they otherwise would have to make up for revenue lost because of the tighter cap — a possibility acknowledged by aIf House lawmakers had those concerns, they didn’t express them during minimal floor debate on the measure. State Rep., a San Antonio Democrat who heads the House Democratic Caucus, lauded the proposed boost in the homestead exemption.
Meanwhile, the signature feature of the Senate’s $16.5 billion package to cut property taxes is a proposal boost to the state’s homestead exemption for school districts — the amount of a home’s value that can’t be taxed to pay for public schools — from $40,000 to $70,000, plus an additional $20,000 bump for seniors. That benefit will provide some aid to property owners no matter what happens with property values, Patrick and proponents of the Senate proposal have said.
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