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This article was provided by The Texas Minute.
- Brandon Waltens reports that the Texas House Ways and Means Committee met yesterday to review past property tax relief efforts and consider ways to reduce the burden on Texans.
- Among other things, lawmakers were told that the school maintenance and operations tax levied on all property (residential, commercial, industrial, and agricultural) brings in approximately $30 billion annually. Eliminating the tax while maintaining current school spending would require the state to fill in the difference. For context, Texas’ current two-year state budget authorizes approximately $338 billion in total spending.
- Gov. Greg Abbott is pushing lawmakers to eliminate school M&O property taxes for homeowners. He has said that would cut the average Texas homeowner’s tax bill roughly in half. He is pairing that proposal with broader structural changes, including a limit on local government spending growth and requiring two-thirds voter approval for property tax increases.
- Lt. Gov. Dan Patrick has championed a narrower property package that increases the homestead exemption by an additional $40,000, extends senior-style property tax freezes to homeowners beginning at age 55, and caps city and county budget growth at 3.5 percent.