Breaking News: Property Tax Relief Agreement

I’m pleased to report that today, after months of negotiation, the Texas House and Senate have reached an agreement that will provide for the largest property tax cut in Texas history. 

More details are forthcoming, but here are the broad parameters of the agreement:

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

I’m pleased that we will be providing this level of relief to Texans. Last year, as a candidate for Texas Senate, I made clear that property tax relief must be a top priority.  Hopefully this legislation will be voted out very soon and the impact will be felt in the coming months.

The Texas Legislature today reached an agreement that will provide the largest property tax cut in Texas history.