Latest news with #SenateJointResolution2
Yahoo
3 days ago
- Business
- Yahoo
New Texas Laws Boost Homestead Exemptions For Homeowners
Gov. Greg Abbott, Lt. Gov. Dan Patrick, and House Speaker Dustin Burrows hailed the passage of legislation aimed at delivering property tax relief on May 30, though critics argue the measures fail to address escalating tax burdens driven by government spending. The Texas Legislature passed Senate Bill 4, Senate Bill 23, House Bill 9, Senate Joint Resolution 2, Senate Joint Resolution 85, and House Joint Resolution 1, which, if approved by voters in November, will increase homestead exemptions and business property tax exemptions. 'Never before has the Texas Legislature allocated more funds to provide property tax relief than they did this session,' Abbott said in a press release. 'I will sign these bills into law to deliver lasting relief for Texans and their families, and I urge Texans to approve the new increases in the homestead and business property tax exemptions this November.' Senate Bill 4 raises the homestead exemption to $140,000 for all homeowners, while Senate Bill 23 increases it to $200,000 for seniors and disabled individuals. House Bill 9 enhances tax exemptions for business inventory, a move small businesses have pushed to eliminate. The joint resolutions propose constitutional amendments to make these exemptions permanent, pending voter approval. 'When I became Lieutenant Governor in 2015, the homestead exemption was a tiny $15,000,' Patrick said in the press release. 'Since then, we have increased it to $100,000, and with the passage of Senate Bill 4 and Senate Bill 23, it is now $200,000 for seniors and $140,000 for non-seniors. The average senior homeowner will no longer pay any school property taxes for the rest of their life as long as they live in their home.' Speaker Burrows added, 'With the Legislature's overwhelming passage of additional property tax relief, Texas home and business owners are on their way to keeping more of their hard-earned money.' Abbott declared property tax relief an emergency item in his 2025 State of the State Address, following a 2023 session in which Patrick called that year's relief package 'the largest property tax relief package in Texas history, and likely the world.' Despite these claims, property taxes rose by $5.4 billion in 2024, a 6.6% increase from 2023, according to state comptroller data cited by economist Bill Peacock, per Center Square. Counties raised taxes by 10.4%, school districts by 6.4%, special districts by 6.1%, and cities by 3.9%. Critics, including economist Vance Ginn, argue that the Legislature's approach of temporarily compressing rates and increasing exemptions merely shifts the tax burden without reducing it. 'Texans want to own their homes – not rent them from the government forever,' Ginn said, according to Center Square. 'They want a government that lives within its means, just like they do. And they want honesty – not headlines – from their elected officials.' Ginn advocates capping state and local spending growth to population growth plus inflation, requiring a two-thirds vote for increases, and using the state's surplus to eliminate school district maintenance and operations taxes. Fiscal conservatives have criticized the current budget as 'a bloated, big-government plan masquerading as conservative reform,' warning, as Ginn did, 'If we continue down this path, Texas won't just resemble California – we'll become it.' Taxpayers on social media have echoed these concerns, arguing the Legislature's spending habits undermine relief efforts.
Yahoo
21-05-2025
- Politics
- Yahoo
Down to the wire: A look at some of the late-session action in the Texas Capitol
As the Texas legislative session heads into its final two-week sprint, the House and Senate are accelerating the passage of bills as several procedural deadlines loom. Here's a look at some of the action in the Capitol on Tuesday. The House advanced legislation to cut property taxes by raising the homestead exemption to a record $140,000 — or $150,000 for senior citizens — which would be deducted from the taxable value of an owner's property when calculating school district property taxes. The lower chamber slightly modified Senate Bill 4, meaning it must be returned to the upper chamber after it clears the House on final reading Wednesday before it can be sent to the governor's desk. The vote in both chambers was unanimous. A companion measure, Senate Joint Resolution 2, also passed, meaning Texas voters will approve or reject the tax cuts in a constitutional amendment election in November. Separate legislation, SB 23, which passed the House without a dissenting vote, would raise the homestead exemption by an additional $60,000 for homeowners who are 65 and older or are disabled. Despite a fervent plea from Lt. Gov. Dan Patrick, the Republican who presides over the Senate, the House delayed taking action on legislation to ban products containing THC, the intoxicating element in marijuana. More: As heat turns up in Texas Legislature, here's how a senior Houston lawmaker keeps the House cool The Senate has already passed its version of the measure, Senate Bill 3, but a House committee has approved legislation that would instead add more regulations. The night before the House was set to vote, Patrick posted an 8-minute video on social media targeting grassroots Republicans to pressure lawmakers into strengthening the bill. "We must ban THC," Patrick said in the video posted to X on Monday night. "We can regulate it. We don't have enough police to check every store when there are 8-9,000 of them. 'I've been here for 17 years at the Texas Capitol, 10 years as your lieutenant governor, and I've never been more passionate about anything. I'm not going to leave Austin until we get this done.' The House postponed consideration of SB 3 as an amendment circulated that would have brought its version of the proposal closer to Patrick's liking several times Tuesday, before recessing for the day without calling the legislation to the floor for debate. It remains unclear when the bill will be considered Senate Bill 3070, which would dissolve the Texas Lottery Commission but keep the games running under new management, won passage in the House State Affairs Committee. More: Senate OKs bill to overhaul embattled Texas lottery: 'They have a two-year lease on life' The lottery, which would be overseen by the Texas Commission on Licensing and Regulation under SB 3070, has been in the Legislature's crosshairs for much of the year over its "under the radar" acceptance of third-party brokers that sell game tickets through smartphone apps. Patrick had threatened to offer legislation to outright abolish the enterprise that brings about $2 billion a year to state coffers, but he decided to back the games' proposed overhaul instead. A measure that would provide student loan repayments for qualifying mental health professionals prompted a debate over whether the state would be underwriting gender-affirming care that ended up delaying a vote. The bill, SB 646, passed the Republican-controlled Senate by a 28-8 vote, but several House Republicans asserted that some mental health professionals support gender-affirming care for minors. The bill makes no mention of the controversial topic. "There are many school counselors that are preying on our children," said Rep. Brent Money, R-Greenville. Democratic Rep. Mary Gonzalez of El Paso, however, countered that public schools are having difficulty recruiting and retaining counselors, and suggested that a loan-forgiveness program could prompt more students to enter the profession. "If you agree there's a crisis, let's solve this crisis," Gonzalez said. The House reconvenes at 10 a.m. Wednesday. The Senate comes back at 11 a.m. The 2025 Legislature will finally adjourn June 2. This article originally appeared on Austin American-Statesman: Here's a look at some of the late-session action in the Texas Capitol
Yahoo
06-05-2025
- Business
- Yahoo
Texas House and Senate strike agreement on property tax cuts
AUSTIN (Nexstar) — As the clock expired on the 88th Legislative Session, property tax relief was left on the chopping block. Governor Greg Abbott cited the failure to pass property tax relief as a reason behind numerous vetoes. Abbott ended up calling multiple special sessions dedicated towards property tax relief. On Monday, during the Texas House Ways and Means Committee, Chair Morgan Meyer, R-Dallas, announced there won't be a repeat of last session. 'We have reached an agreement with the Senate as it relates to tax relief,' Meyer announced from the dais. He had just left a pair of bills increasing the homestead exemption — Senate Bill 4 and Senate Joint Resolution 2 — pending in committee. '[Senate Local Government Chair Paul Bettencourt, R-Houston will] lay out a committee substitute for Business Personal Property (BPP) exemption — we'll be doing that at $125,000. Then we are passing these homestead exemption bills from Senator Bettencourt as is.' State of Texas: Lottery on 'life support' as Lt. Governor calls for ending commission Meyer's House Bill 9 initially proposed to increase the BPP exemption to $250,000 from $2,500. Bettencourt's updated version was sent to the Senate floor with a 9-0 vote on Monday. The BPP exemption allows homeowners to write off parts of their property if used for their business. 'It's only Monday, but a great start to small business week at the Capitol! Proud to sponsor HB 9 & HJR 1 by House Chair @MorganMeyerTX in committee today, and passing them out on unanimous 7-0 votes!,' Bettencourt posted on X. 'This helps all Texas businesses by dramatically increasing the BPP (Business Personal Property) exemption from $2,500 to $125,000— delivering ~$2,500 in avg. savings per @txbiz and my estimate, but especially for small business owners saving them their time as well as their money!' Bettencourt has two bills currently pending in Meyer's committee. SB 4 increases the general homestead exemption from $100,000 to $140,000, which will save Texas homeowners an average of $363.44, according to Bettencourt. Senate Bill 23 increases the additional homestead exemption for elderly and disabled homeowners from $10,000 to $60,000. Bettencourt estimates an extra $454.30 average savings for senior and disabled homeowners. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
19-04-2025
- Business
- Yahoo
Here's the status of property tax relief in Texas
The Brief State lawmakers passed bills to raise the homestead exemption from $100,000 to $140,000 or $150,000 for seniors. Voters need to approve that in November. The Texas House also passed a budget that includes $51 billion in property tax reductions. Some lawmakers believe the relief doesn't go far enough. DALLAS - If you haven't received your property tax notice, you will soon. County appraisal districts are in the process of mailing them out. At the same time, state lawmakers are working to provide some relief. The Lone Star State may be a great place to call home, but it comes with a price tag. Texans pay some of the highest property taxes in the nation. "We don't have other tax levers or other structures to tax other entities, whether they're businesses or things of that nature from the state level. So, property taxes are what the state focuses on," said Matthew Houston from the UNT Dallas School of Business. Legislators have been working to change that. Senate Bill 4 and Senate Joint Resolution 2 were passed back in February, which would raise the homestead exemption from $100,000 to $140,000 or $150,000 for seniors. Voters must approve it through a proposition on the upcoming November ballot. Last week, the Texas House also passed a budget that includes $51 billion in property tax reductions. The bulk of that is dedicated to maintaining existing cuts from previous years, with $6.5 billion in new allotments. What they're saying Some lawmakers believe the cuts don't go far enough. "I meet so many people that are struggling every year to make that annual payment," said State Rep. Mike Olcott, a Republican from Fort Worth. "I cannot go back in good conscience to my constituents and tell them that out of $24 billion in surplus money that belongs to them, I can only come back and support a budget that is only going to return $6.5 billion." Dig deeper Much of the property tax relief hinges on Texas having a surplus of funds. It's a risky move, according to Houston, because you can't guarantee it'll be there down the road. "Surplus, by definition, is abundance, right? And so typically, that abundance happens as a result of responsible decision making, particularly in the business or the legislative session. And so, what we don't want to do is rely on gifts or treats to provide necessity for the future," he said. What's next If the latest homestead exemption hike is approved by voters in the fall, property owners are expected to see about $363 in average savings on their annual tax bills. The Source The information in this story comes from the Texas Legislature and an interview with Matthew Houston from the UNT Dallas School of Business.
Yahoo
11-02-2025
- Business
- Yahoo
Bill to cut Texas property taxes advances to Senate
AUSTIN (KXAN) — A bill aimed at lowering property taxes unanimously passed a Texas Senate committee Tuesday, clearing the way for a vote before the full Senate. The Senate Local Government Committee voted 6-0 to approve Senate Bill 4, which aims to raise the state's homestead exemption to $140,000. The homestead exemption is the amount of a home's value that is exempt from taxation. Changing the exemption would require approval by Texas voters to amend the state's constitution. Committee members also approved Senate Joint Resolution 2, which would put that question on the ballot, if SB 4 passes. State Sen. Paul Bettencourt, R-Houston, filed SB 4 last week, along with 28 other senators. The bill was also a priority for Lt. Gov. Dan Patrick. 'By following up on the largest, grandest, hugest property tax reduction in AmericanHistory, $22.7 Billion to be exact, SB 4 and SJR 2 provide more meaningful reduction toTexas homeowners by raising the Homestead Exemption to $140k. This will be providingan estimated $500 savings to the average homeowner annually,' Bettencourt said in a news release. The bill also includes a 'hold-harmless provision' that ensures the state will cover any lack of funding resulting from the homestead exemption increase, the release said. Gov. Greg Abbott declared property tax relief an emergency item, clearing the way for lawmakers to swiftly pass legislation this session. The governor also called on the state to pass a law that will make it harder for a local taxing entity to raise its rates. In November 2023, Texans voted to increase the homestead tax exemption and provide property tax relief. This came after Abbott signed Senate Bill 2 and Senate Bill 3, which were both property tax relief bills that provided an $18 billion tax cut for property owners in Texas. In conjunction with SB 1, the General Appropriations Act, SB 4 will reduce the statewide average ISD tax rate from $0.9766 to $0.9086, which is expected to save homestead property owners an additional $133.13. 'Senate Bill 4 maintains its protections for over-65 and disabled homestead exemption owners,' Bettencourt said. Now that SB 4 and SJR 2 passed in the Senate, the Texas House will now have an opportunity to vote. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
