Senate and House leaders are fighting over how to cut taxes for homeowners. In a public-relations blitz, Lt. Gov. Dan Patrick has dismissed the House plan as...
“They would kill the current plan that we have and [harm] seniors and people living in lower income homes,” Patrick said in the only interview he granted to an outlet other than TV or radio.The state has a huge revenue surplus, and both chambers want to tap it for big property tax cuts, as Gov. Greg Abbott pledged in his re-election campaign last year.
The owner of a $300,000 home, paying the average school tax rate in the state, would save $760 in property taxes due for 2024 under the Senate’s plan, according to the Texas Taxpayer and Research Association. Meyer defended the House’s plan, which would cut an additional 15 cents per $100 of assessed value from school taxes. Under a 2019 law, those rates are going to go down by 10 cents over the next two years.The Senate’s plan would cut an additional 7 cents per $100 of assessed value from school taxes, beyond the dime of extra relief that current law requires. The Senate would raise the homestead exemption on school taxes from $40,000 to $70,000 for all homeowners who qualify.
“For the first time in decades, taxes are actually down because people got their higher appraisal bills last year, but when they got their tax bill, their tax bills were down,” he said. “Because it’s a seesaw — as the value goes up, the counties and cities, and school districts have to stay at 3.5% and 2.5%,” respectively, because of the revenue limitations, he said.“You have stagnant growth in people moving and you have less homes being built, whether it’s a used home or a new home,” he said.
In recent TV interviews, he shook fistfuls of dollars to illustrate annual savings he said would accrue from the Senate plan to senior citizens and under-age-65 homeowners .. “I’m holding $1,000 in my hand.”
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