AUSTIN- Today, the Texas Legislature fully passed legislation central to a broader tax relief package that promises to increase the state’s homestead exemption from $100,000 to $140,000, provide seniors and the disabled with an added exemption $60,000, raise the business personal property tax exemption from $2,500 to $125,000, continue rate compression efforts first began in 2019 and 2023. These measures now head to voters and the governor for approval.
“Texans today are struggling with sky-high tax bills spurred on by local government waste, fraud, and abuse. In some extreme cases, people are even losing their homes because they can’t afford the outrageous annual property tax increases,” says TPPF’s Greg Sindelar.
Sindelar continued: “While local governments are either unwilling or unable to control their appetite for other people’s money, state leaders are once again rolling up their sleeves to help Texas taxpayers. In fact, the property tax relief package passed today is expected to lower the average homeowner’s tax bill by more than $350 per year. That’s real relief that families can use to pay bills and put food on the table.”
“The long-term solution to the present property tax crisis is less government. To get there, we need a robust local spending limit, stricter debt limits, a tighter property tax revenue limits, and a thorough evaluation of all governments and their activities—with an eye toward elimination,” says TPPF’s James Quintero.
Quintero continued: “TPPF thanks and congratulates Governor Abbott, Lt. Governor Patrick, and Speaker Burrows for building upon the previous session’s historic tax relief package by delivering additional tax relief to Texans.”