The deal is the largest-ever legislative effort to rein in skyrocketing property taxes and keep homeownership attainable and sustainable for Texans, Texas REALTORS® reports.
AUSTIN, Texas, July 10, 2023 /PRNewswire/ — The Texas Legislature is poised to approve more than $18 billion to rein in Texas property taxes. The compromise reached between the House and Senate will include a $100,000 homestead exemption, $12 billion to buy down local school tax rates, and a pilot program to impact appraised values, targeted toward small businesses.
“Texas REALTORS® appreciates that the compromise includes an increase in residence homestead exemptions to $100,000 as prioritized by the Lt. Governor and Senate during the 88th regular session, which will help all 5.7 million Texas homeowners. We are also pleased to see thoughtful consideration given to the House’s concerns about the property tax burden on non-homestead properties, such as rental properties and small businesses,” said Texas REALTORS® 2023 Chair Marcus Phipps.
Texans’ property taxes are among the highest in the country. Today’s landmark deal comes amid persistent affordability challenges around the state over the past several years. “We thank all the lawmakers who worked to find a solution that helps all Texans achieve – and maintain – the dream of property ownership,” Phipps said.
Additionally, by increasing the minimum threshold for franchise tax filers from $1.25 million to $2.5 million, this compromise plan will save money for 67,000 small businesses around the state.
With more than 150,000 members, Texas REALTORS® is the state’s largest professional association and the state’s leading advocate for private property rights and homeownership.
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SOURCE Texas Realtors