At a time when the state has some of the nation’s highest property taxes, the initiative was a cornerstone of his 2022 reelection campaign.
, a franchise tax relief bill, which were passed by Texas lawmakers two weeks ago after months of negotiations between the state’s top Republicans., will go before voters in a constitutional election in November. Voters would need to approve the package for the cuts to take effect this year.
The package’s marquee item is a $5.3 billion expansion of the state’s homestead exemption, the amount of a home’s value that can’t be taxed to pay for public schools, from $40,000 to $100,000. The new exemption combined with school tax cuts would save homesteaders — Texans who live in a residence they own — an average of $1,300 a year in property taxes, said state Sen.
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