Governor Greg Abbott recently announced the biggest property tax cut in the history of Texas...
Texas Governor Greg Abbott recently announced a property tax cut to the tune of $18 billion, according to an official statement. Lieutenant Governor Dan Patrick, Speaker Dade Phelan, Senator Paul Bettencourt, Representative Morgan Meyer, and other members of the Texas Legislature were reportedly present at the historic bill signing.
"I am signing a law that will ensure more than $18 billion in property tax cuts—the largest property tax cut in Texas history," said Governor Greg Abbott. "If passed by voters this fall, Texas homestead exemptions will rise to $100,000, senior homeowners will be protected from being priced out of their home, the small business exemption for the Franchise Tax will double, and Texas small businesses will be protected from excessive appraisal increases.
"None of these monumental changes could have been accomplished without the hard work of Lieutenant Governor Patrick and Speaker Phelan," the Governor continued. "We all came together to offer Texans the property tax relief they so desperately deserve, and I am proud to sign these new laws."
"The signing of this Texas-sized tax cut, the biggest property tax cut in history, is a massive victory for all 5.7 million Texas homeowners," said Lieutenant Governor Patrick. "The combination of compression and the $100,000 homestead exemption is a powerful one-two punch that will cut school property taxes for the average priced home by $1,250 to $1,450 every year on their homesteaded property."
"As the saying goes, everything is bigger in Texas—and now that includes property tax relief," said Speaker Phelan. "At the start of the session, state leaders set out to pass legislation that would provide relief in a way that property owners would actually see and feel. This $18 billion package—the largest in the country—will do just that. I appreciate the hard work of all House members who helped make this historic achievement possible and am grateful to our Senate counterparts for working with our chamber to get this done."
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