Texas House and Senate came to a compromise on the relief of property taxes. Gov. Abbott was looking forward to the plan made for approval.
The GOP lawmakers of the state finally come up with a deal last Monday on cutting Texans’ property taxes.
The deal would direct a $12 billion reduction on the school property taxes intended for homeowners and business properties, would increase the homestead exemption, and would pilot programs for the reduction of taxes on commercial and residential properties.
Texas House and Senate came to an $18 billion compromise. Part of this is the inclusion of more than $5 billion in approval for property taxes relief for the year 2019.
The deal on cutting property taxes was expected to be submitted this week to Abbott’s desk.
Gov. Abbott’s Approval Of Cutting Property Taxes
Since the proposal has already been by both chambers, Gov. Greg Abbott was looking forward to approving it.
Once Abbott approved the plan on cutting property taxes, this will be passed on to the voters which they will pass in a constitutional election this November.
If the plan will be approved eventually by the voters, the cutting off of property taxes will start in the 2023 tax year.