How proposals in the Texas Senate and House would reshape the state's hefty property tax burden, by the numbers.
Texas lawmakers in both the Senate and the House of Representatives agree that they should use billions to cut property taxes this year — but they don’t quite see eye to eye on how to do it.The Senate is focusing primarily on homestead exemptions, offering homeowners a break on school property levies, which make up the bulk of most Texas property tax bills.
Lt. Gov. Dan Patrick and all 31 senators want to raise the exemption from $40,000 to $70,000, while boosting another exemption for homeowners who are over 65 years old or have a disability from $10,000 to $30,000. The chamber is also proposing an inventory tax credit for businesses, as well as a reduction in school property tax rates.
All told, the Senate proposal would save homeowners more than $750 in the first year, lawmakers estimate. That's based on an average home value of $331,000. The House is prioritizing lowering the appraisal cap, which currently forbids property values from growing by more than 10 percent year over year for tax purposes. House Speaker Phelan and more than two dozen representatives from both parties support taking that cap down to 5 percent and extending it to all properties, including businesses. The House plan would also require school districts to cut their property tax rates.
Phelan has said the House plan is a “new way” to approach property tax relief and would better support businesses. But Patrick is staunchly against it, saying at a Tuesday press conference that there’s a “misunderstanding” of the appraisal cap, and lowering it would “destroy everything we’ve done” to slow the growth of property tax bills. Phelan’s office declined to comment on his remarks.
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