JUST IN: Legislation creating a landmark $18 billion tax cut for property owners in the state won preliminary approval in the Texas House on Thursday.
toward making cuts to school taxes for all property owners, dropping property taxes an average of more than 40% for some 5.7 million Texas homeowners, and offering brand new tax savings for smaller businesses and other commercial and non-homesteaded properties. Voters would need to approve the package in November for the cuts to take effect this year.
It also offers additional cuts for seniors and property owners with disabilities, averaging about $170 more per year, Bettencourt said. Those billions are being sent to school districts so they can cut their taxes for all property owners and shift a portion of their maintenance and operations costs to the state.
The idea was intended to pacify an increasingly angry and impatient public school community — who have been expecting a pay raise since last year’s campaign season — until lawmakers can agree on an education package in another special session expected for later this year.
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