Real Estate Updates

Second Special Session over Property Tax Reductions in Texas – Governor Abbott Calls

Property Tax Reductions in Texas

The Real Estate Updates looks at this piece of news as a welcoming one for Texas residents. Currently, Texas has a record budget surplus of $32 billion. The House and Senate have been fighting over the available $17.6 billion to cut property taxes for millions of homeowners. So this made Texas Governor Greg Abbott announce a tax cut for Texas residents.

Allegedly he called for a second special session of lawmakers after the failure to pass property tax reduction legislation. The first session concluded without any agreements on property taxes or border security. Governor Abbott is determined to keep calling for special sessions until a bill for property tax cuts is approved. The upcoming session will exclusively concentrate on property taxes, aiming to eliminate Texas’ property tax and establish enduring property tax rate cuts.

Lt. Gov. Dan Patrick emphasizes the inclusion of an increased homestead exemption in the plan. In previous sessions, the Senate passed a comprehensive two-part plan, while the House session during the second special session was brief. The Senate bill seeks to implement the most substantial property tax reduction in Texas history through measures such as homestead exemption and compression, benefiting both teachers and businesses.

“Homeowners, Teachers, and businesses get a giant victory! Homeowners will see their school property taxes decrease by a whopping 43 percent,” Patrick said in a news release Wednesday afternoon.

Last year, Texas voters overwhelmingly approved raising the homestead exemption from $15,000 to $40,000.

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