After a monthslong dispute, the Texas House and Senate have come to a deal regarding property tax reform.
The dispute had ground the workings of the legislature to a halt as Gov. Greg Abbott used his veto power to reject almost everything from the Senate until a compromise was reached.
The compromise, to the tune of $18 billion, provides tax cuts to small businesses and subsidies to schools in order to allow them to cut their tax rates. It also gives tax relief to the state's 5.7 million homeowners, according to the Texas Tribune. The compromise effectively puts to rest some of the increasing strife between Republicans in the state.Abbott expressed his satisfaction with the compromise in a statement.
“I promised during my campaign that the state would return to property taxpayers at least half of the largest budget surplus we have ever had,” he said following Monday’s announcement. “Today’s agreement between the House and the Senate is a step toward delivering on that promise. I look forward to this legislation reaching my desk, so I can sign into law the largest property tax cut in Texas history.”
Lt. Gov. Dan Patrick , who had butted heads with his ally Abbott over the dispute, also expressed his satisfaction with the deal.“It has been a long road, but this is a great day for all property owners,” he said. “It may have taken overtime, but the process has produced a great bill for homeowners and businesses.”
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Texas House and Senate reach a deal on how to cut property taxesThe deal would channel $12 billion to reduce the school property tax rate for homeowners and business properties, increase the homestead exemption, and create a pilot program to reduce taxes on certain residential and commercial properties. The legislation is expected to pass later this week.
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Texas House and Senate reach a deal on how to cut property taxesThe deal would channel $12 billion to reduce the school property tax rate for homeowners and business properties, increase the homestead exemption, and create a pilot program to reduce taxes on certain residential and commercial properties. The legislation is expected to pass later this week.
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