Looks like Gov. Abbott and the Texas house are the winners in what kind of property tax relief we'll have.
Lieutenant Governor Dan Patrick held a press conference to reflect on this year's regular legislative session and the work that is ahead for legislators during the first special session.The Texas House seemed to have the final say in the on-going property tax relief debate after House Speaker Dade Phelan quickly rejected the Senate’s new proposal, Senate Bill 1 on Tuesday evening.
Earlier Tuesday afternoon, the Senate had passed SB 1, a measure that would lower school district property taxes to reduce property taxes – tax rate compression – and increase the current homestead exemption from $60,000 to $100,000. Patrick issued this statement in response to the House’s vote on Tuesday evening, reminding lawmakers that their bill still has to go through both chambers to be sent to the Governor’s desk:
Both the House and Senate spend $17.6 for property tax relief. After giving lower tax rates to everyone through compression the Senate plan dedicates nearly $6 billion for homestead exemptions. That gives homeowners nearly $700 more than the Abbott plan. I’m shocked Governor Abbott is advocating for taking that additional $700 savings from homeowners and giving it to businesses.
Phelan’s unwillingness to drop the appraisal cap reduction – with his most recent proposal including an 8 percent appraisal cap on all properties – kept them from negotiating a finalized plan, according to Patrick. Patrick said what is needed to give Texas home and business owners property tax relief is a combination of tax rate compression – or cutting property taxes by reducing a school district's maximum maintenance and operation tax rates – and homestead exemptions.
According to Patrick, a new property tax relief proposal could be passed in the Senate as early as Tuesday.
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