Texans need smart property tax relief | Opinion
Public notices from cities, counties, school districts and other taxing entities announcing tax rates.In recent years, property taxes in Texas have surged, with home values seeing 20% to 50% increases in a single year in some markets, and statewide property tax collections increasing more than 20% since 2017. Our state’s homeowners are seeing record-high property tax bills, and our state comptroller has seen historic budget surpluses for the last two proposed budgets.
This will result in significant, long-lasting tax relief for Texas homeowners. Under the legislation and the House’s base budget, Texas homeowners would see an average annual savings of $542 for every $350,000 in property value in fiscal year 2024 — an amount that would grow to $733 in fiscal year 2025.
Additionally, House Bill 2 will significantly reduce the burden of property taxes by compressing school district tax rates by 15 cents. Combined with the 10 cents of compression already in the Texas House’s draft spending proposal for the state, House Bill 2 will result in a total tax rate reduction of just over 25 cents by fiscal year 2025, a 28% reduction in school property taxes.
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