How much Texas homeowners and businesses could save on their property tax bills under new deal
Texas homeowners and businesses will save a total of $10 billion in new savings on their property tax bills starting this year under a new deal struck by top Texas leaders. Governor Greg Abbott, Lt. Governor Dan Patrick, and Speaker Dustin Burrows, R-Lubbock, hammered out details early last week.
Under that deal, the House will approve the Senate's bill that raises the homestead exemption on school property taxes from $100,000 to $140,000 this year. The homestead exemption for those over 65 and the disabled will increase an additional $60,000 this year, up from $10,000. The state would continue replacing billions of dollars in property taxes with other state revenues to pay for public schools. Also under the deal, the Senate will approve the House's bill that will increase exemptions for business property taxes from $2,500 to $125,000. That starts next year.
State Senator Paul Bettencourt, R-Houston, the chief author of the Senate property tax bills told Eye On Politics on CBS News Texas, "It's a really big deal because this is basically tax relief to every home and business owner in the State of Texas. We're talking about billions and billions literally for all homesteads, all 5.7 million wherever they are in the state. The exemptions are very powerful tools because people don't pay the government, and in this case, the vast majority of this is independent school district money. They just won't pay it. So, it's going to result in tremendous savings for all home and business owners, for as long as they own their home or their business. It's going to save almost $500 for the average homeowner. For those over 65 and the disabled, that gets popped up to a savings of $950." Businesses will save about $2,500 a year with the new higher exemption.
Lawmakers in both chambers are expected to approve a combination of bills before the end of the legislative session June 2. Voters will then have the final say during the November election to decide whether to change the Texas Constitution to make the savings permanent.
Watch Eye On Politics at 7:30 Sunday morning on CBS News Texas on air and streaming
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