There is a lot of talk at the Texas Capitol these days about lowering property taxes. And the plans are now on paper as bills have been filed in both the House and the Senate.
The senate estimates saving for a property with a $70,000 homestead exemption would be $756 in the first year, and $798 in the second.
There are also exemptions in the Senate legislation from small business personal property and an inventory tax credit.Relating to an exemption from ad valorem taxation of a portion of the appraised value of tangible personal property a person owns that is held or used for the production of income and a franchise tax credit for the payment of certain related ad valorem taxes.
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