Texas Property Tax Relief Bill which was passed by Senate is now awaiting approval from Gov. Greg Abbott. The Texas Property Tax Relief Bill will be expected to cut Texan Taxes to ease the burden of property owners.
$18 Billion Texas Property Tax Relief Bill To Provide Texans With The Largest Property Tax Cut In History, Now Awaiting Final Approval
Photo From: Fort Worth Star
Texas Property Tax Relief Bill
Under the Texas Property Tax Relief Bill, the homestead exemption is raised from $40,000 to $100,000. The state would also distribute a large portion to school districts to lower the tax rates. With this bill, homeowners can save $1,400 to $1,500 every year.
44% reduction in tax bills will be seen once the Texas Property Tax Relief Bill will be fully implemented.
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2.7 Million Land Owners To Benefit From Texas Property Tax Relief Bill
Once fully approved in, the Texas Property Tax Relief Bill will reduce the property tax rate of up to 5.7 million land owners. Around 10.7 cents will be reduced for every $100. Aside from that, small business won’t have to pay state franchise tax
After being signed by the Governor, Texas voters will also be asked to participate in an election in November.
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