Governor Greg Abbott of Texas has signed into law an impressive $18 billion property tax cut for the state’s property owners. This landmark legislation will now be presented to the voters for their approval later this year, marking a significant step towards providing much-needed tax relief for millions of Texans.
$18 Billion Property Tax Cut Signed by Abbot
The property tax cut package, fueled by the state’s remarkable $12.6 billion historic budget surplus, primarily focuses on slashing school taxes for all property owners.
According to a published article, as a result, an estimated 5.7 million Texas homeowners can expect a considerable average property tax cut of more than 40% in their property taxes. Additionally, the package introduces fresh tax savings for smaller businesses and various other commercial and non-homesteaded properties.
The road to achieving this momentous property tax cut was not without its challenges.
For months, the top Republicans in the state wrestled with a standoff, attempting to find a middle ground that would garner support from all sides. Finally, a deal was struck, earning near-unanimous backing from legislators and paving the way for this significant reform.
The culmination of efforts for the property tax cut occurred as both chambers adjourned on Thursday, July 12, effectively ending the second special session convened by Governor Abbott during the summer. The session was specifically called to address the crucial issue of property tax relief, and its successful conclusion is being hailed as a victory for taxpayers across the state.
Amidst the celebrations on the chamber floors, House Speaker Dade Phelan expressed his delight.
Property Tax Cut Bills Package
According to News Nation, the three crucial bills that comprise the package include Senate Bill 2, outlining the proposed property tax cuts; Senate Bill 3, providing franchise tax relief; and House Joint Resolution 2, a constitutional amendment essential for authorizing the tax cuts.
Their passage marked a significant milestone in the legislative process, bringing the tax cut one step closer to reality.
Houston Republican Senator Paul Bettencourt, one of the architects of the tax cut package, expressed his enthusiasm, stating they now have a record-setting plan that will affect every individual, every family, every business, and every operation for the next several decades. Every Texan deserves it because it’s their money.”
While the road to implementation still requires approval from the voters in November, the overwhelming support from legislators and the visionary leadership of Governor Abbott has set the stage for transformative changes in the state’s tax landscape.
If approved, these property tax cuts will undoubtedly have far-reaching effects, benefiting Texans across the board for years to come.