AT THE CAPITOL
News from the 88th legislative session
QUOTE OF NOTE
Texas Senate approves package for $16.5B in property tax relief
TAX RELIEF TRIO Three bills aimed at property tax relief have passed in the Texas Senate. Senate Bill 3 • Increases the portion of a home’s value that cannot be taxed from $40,000 to $70,000 • Increases exemption for people over age 65 and the disabled from $10,000 to $30,000 Senate Bill 4 • Cuts school property tax rates by $0.07 per $100 valuation • Has the state of Texas pay school districts at least $5.38 billion to make up for lost revenue Senate Bill 5 • Increases the portion of a business’ property that cannot be taxed from $2,500 to $25,000 • Provides businesses with a 20% tax credit for inventory and property Texas House, which crafted its own property tax relief package. If both chambers and the governor pass either package, Texas voters will decide on the matter in November. ? WHAT’S NEXT? The bills were sent to the
Sign up for our newsletter at communityimpact.com for daily updates throughout the session. SUBSCRIBE TODAY SEN. SARAH ECKHARDT, D-AUSTIN, COMMENTING ON SENATE BILL 15, WHICH, IF PASSED, WOULD REQUIRE COLLEGE STUDENTS TO COMPETE ON SPORTS TEAMS BASED ON THEIR SEX ASSIGNED AT BIRTH “TRANS ATHLETES IN COLLEGIATE COMPETITIONS ARE RARE. WHEN THEY DO SEEK TO COMPETE, THE NCAA HAS ALREADY EXHIBITED AND WILL CONTINUE TO EXHIBIT THE EXPERTISE TO LEVEL THE PLAYING FIELD ON A CASE- BY-CASE BASIS.”
BY HANNAH NORTON
bill would increase the portion of a home’s value that cannot be taxed from $40,000 to $70,000, which lawmakers have said would save the average homeowner $341 annually. SB 4, which is also by Bettencourt, would cut school property tax rates by $0.07 per $100 valuation. The bill states Texas would provide school districts with at least $5.38 billion to make up for the lost revenue. SB 5 was filed by Parker, a freshman senator. The bill is intended to save business owners money by increasing the business personal property tax exemption—or the portion of a busi- ness’ personal property that cannot be taxed—from $2,500 to $25,000. Business owners would also receive a 20% credit for the taxes they pay on inventory and property. Parker said the goal of SB 5 is to give money back to Texans. The bills have been sent to the Texas House.
In a unanimous vote, Texas senators passed a $16.5 billion property tax relief package on March 22. Cutting property taxes for home- owners and businesses has been listed as a top priority for Republicans this session, including Lt. Gov. Dan Patrick and Gov. Greg Abbott. The package aims to save Texans money on their property tax bills by increasing the state homestead exemption, cutting school district property tax rates and limiting how much businesses can be taxed for their personal property. Sen. Paul Bettencourt, R-Houston, authored two of the bills alongside Sen. Tan Parker, R-Flower Mound. The first component of the package, Senate Bill 3, would impact the state’s homestead exemption, which is a reduction in a portion of a home’s value for tax purposes. The
SOURCE: TEXAS LEGISLATURE ONLINE/ COMMUNITY IMPACT
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