Governor Greg Abbott recently announced a plan to lower property taxes in Texas...
"We must cut property taxes," said Greg Abbott. "Texans want and need a path towards eliminating property taxes. The best way to do that is to direct property tax reduction dollars to cut school property tax rates.”
Greg Abbott has a plan to cut property taxes in the state of Texas. Therefore, he recently praised the Texas House of Representatives for passing HB 1/HJR 1 - legislation that includes major property tax cuts.
“The Texas House is the only chamber that passed a property tax cut bill that is germane to the special session that I called to provide Texans with property tax relief,” said Governor Abbott. “It provides more cuts to property tax rates than any other proposal at this time. It is supported by the most respected tax think tanks in the state, as well as more than 30 homeowner, consumer, and business groups across the state. I look forward to signing it when it reaches my desk."
Texas Has Some Of The Highest Property Tax Rates In The Country
Texas currently has the sixth-highest property tax rate in the country, according to data published by State Representative Glenn Rogers. "Despite having one of the country's lowest effective tax rates, Texas now has the sixth highest property tax rate in the country. In rural areas, like House District 60, the effects of this tax burden have drastic impacts on our residents."
It's no secret that Texas housing prices have skyrocketed in the last decade. Therefore, many homeowners are experiencing sticker shock after learning of their properties' new appraised values, which help determine how much they pay in property taxes.
In Bexar County, for example, the median value of a home increased almost 25% to $265,540, per The Texas Tribune. "And in Travis County, where the state’s housing crunch has been most apparent, the median home value has skyrocketed — climbing more than 50% since last year to $632,208."
Greg Abbott's Plan To Reduce Property Taxes Has Received Lots Of Praise
Driving down property tax rates provides relief for property owners, renters, and businesses," said Greg Abbott on Twitter. "Historic property tax relief will help us keep Texas #1."
The Texas Apartment Association released a statement about Greg Abbott's plan to cut property taxes. "Property taxes are a rental housing provider's largest operating expense. We applaud Governor Abbott's plan to provide meaningful tax reform that benefits all taxpayers and achieves balanced relief that is fair for all Texans. We look forward to working with the Texas Legislature to get this done."
"Every single taxpayer will be a winner," said Texas Oil & Gas Association President Todd Staples. "We thank the Senate and House for their commitment to meaningful tax relief and hope they will take swift action to drive down these rates through compression, as this is an equitable and effective means to deliver relief.”
"Texas has the sixth-highest property tax rate in the United States on industrial property," said Texas Chemical Council CEO Hector Rivero. "Rate compression is a fair and effective way to ensure that everyone—from homeowners to businesses—receive meaningful tax relief, keeping Texas the best state to live and work."
What do you think? Leave a comment with your thoughts. And if you think more people should read this article, share it on social media.