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Abbott praises legislature for passing historic tax cuts bills, vows to sign them into law

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(The Center Square ) – Gov. Greg Abbott Thursday night praised the Texas legislature for passing historic property tax legislation – four days after the two chambers reached an agreement after seven months of stalemate.

The Senate passed two property tax bills, SB 2 and SB 3, on Wednesday. The House passed the bills and a resolution creating a constitutional amendment Thursday night. Then the Senate passed the resolution.

“I made a promise to Texans during my campaign that the State of Texas would use at least $13.5 billion from our historic budget surplus to provide substantial relief to property taxpayers across Texas,” Abbott said. “Today, we will deliver even more with over $18 billion in property tax cuts.

“The Texas House and Senate fulfilled our promise with an agreement that delivers a comprehensive, long-lasting solution to increasingly burdensome property tax bills. I thank my partners in the Texas Legislature for coming together to honor the best interests of hardworking Texans who want to own their property – not rent it from the government. I look forward to signing this legislation into law to provide Texans with the largest property tax cut in Texas history.”

After the House passed the bills and resolution, House Speaker Dade Phelan said, “I am thrilled to announce the overwhelming passage of the House and Senate’s ommibus property tax legislation. The passage of this $18 billion package is a testament to the unwavering commitment of Texas leaders to address the concerns of taxpayers and provide significant relief from the burden of escalating property taxes.”

He also published a one pager explaining how the legislature was delivering “the largest cut in Texas history.” It states:

Over $12 billion will be spent on reducing the school property tax rate for all homeowners and business properties.Every homeowner who homesteads their home (approximately 5.7 million homeowners) will get a $100,000 homestead exemption.Non-homestead properties, valued at $5 million and under, including residential and commercial properties, will receive a 20% circuit breaker on appraised values as a 3-year pilot project.Legislation will also include savings on the franchise tax for small businesses and create newly elected positions on local appraisal boards.”

Lt. Gov. Dan Patrick also issued a statement after the Senate unanimously passed the constitutional amendment that will be put on the ballot in November.

“Today, the Senate unanimously passed House Joint Resolution 2, the final piece of the largest property tax relief package in Texas history, and likely the world,” Patrick said. “House Joint Resolution 2 authorizes a constitutional amendment election in November to allow for the provisions of Senate Bill 2 to be implemented. The impact of the $100,000 homestead exemption and the school district tax rate compression will be retroactive for the 2023 tax year to make sure Texans get maximum relief this year.”

He said registered voters “should take note of the November 7, 2023, constitutional amendment election date so they can vote in favor of this historic tax relief and several other key measures for the future of our state.”

If voters approve HJR 2, a $100,000 homestead exemption would be permanently codified in the Texas Constitution.

The resolution also creates a three-year pilot program to put in place a 20% appraisal cap on non-homestead properties valued at $5 million or less. It allows “for the spending of state dollars for school district property tax rate compression without counting against the spending limit, and create local elections of 3 appraisal district board members in counties with a population of 75,000 or more,” Patrick said.

“If approved, the impact of the $100,000 homestead exemption and school district tax rate compression will be retroactive for the 2023 tax year resulting in a tax cut of $1,250 to $1,450 for a homeowner living in the statewide average home valued at $331,000.”

Read the Black Chronicle Black History Edition for Free! Click Below

Read the Black Chronicle Black History Edition for Free! Click Below

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