Texas property tax bill aims to provide the largest tax cut in the state’s history.
Texas Property Tax Bill Will Provide More Than $21 Billion in Relief
The Texas property tax bill called Senate Bill 3 will provide more than $21 billion in relief, reportedly the largest property tax cut in the state’s history, if approved.
Aside from providing permanent and immediate relief to property owners, the Texas property tax bill will expect to save up to $3,000 depending on the value of the property or home in the state.
According to the house version of the Texas property tax bill, the approval will lead to more than 25-cent tax rate compression and will also increase the homestead exemption for homeowners to $1000,000 exemption while homeowners aged 65 and above will expect higher exemption.
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Proposal of Texas Property Tax Bill Received Mixed Reactions
Despite the support of other lawmakers and representatives, others expressed their concern and criticized favoring the appraisal caps in the house version of the Texas property tax bill.
Several members were against the appraisal caps and claimed that its inclusion would only prevent the increasing payment of the homeowners and is not really necessary for the betterment of the Texas property tax bill, Cleburne Times-Review reported.
The last day of the session for the process of the Texas property tax bill’s approval is set to be on May 29.
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