2023 HOME EDITION
Comparing plans The state Senate and House proposed two di erent plans to address property appraisal reform. Both chambers eventually proposed a preliminary compromise plan, which, as of press time, is awaiting approval.
House originally proposed. However, the homestead exemption on school district taxes would increase from $40,000 to $100,000, as the Senate originally proposed. Additionally, the compromise includes maintaining the annual appraisal increase cap on home- steads at 10% whereas the House proposed reducing it to 5%. How- ever, the compromise also calls for allowing 20% appraisal caps on other properties besides homesteads during a three-year trial period. Today, no such cap exists. “That is a big change,” Johnson said, noting business owners will bene t with such a cap in place. “This will help a lot of people.” Johnson said she still prefers the House’s original plan because it would result in greater savings for homeowners. However, the appraisal cap for properties other than home- steads in the compromise plan is a step in the right direction, she said. “That 20% is a start, and now we just need to take it to the next step,” she said. As part of the e ort, House Speaker
SOURCE: GALVESTON COUNTY TAX ASSESSOR COLLECTOR COMMUNITY IMPACT
HOUSE PLAN
SENATE PLAN COMPROMISE PLAN
Maintain homestead cap at 10% but add a 20% cap on additional properties
Cap on annual property appraisal increases
Maintain homestead cap at 10%
Reduce homestead cap to 5%
School district tax rate
Reduce by 16.2 cents
Reduce by 10 cents
Reduce by 10.7 cents
2028 taxable homestead value
Maintain at $40,000
Increase to $100,000
Increase to $100,000
2028 homestead school district tax bill
$381,173
$431,468
$431,468
2028 school district tax bill
$3,095
$4,039
$3,978
NOTE: HOME VALUES ABOVE ARE BASED ON A HOME VALUED AT $300,000 IN 2022 THAT INCREASES TO THE CAP EACH YEAR, MINUS THE HOMESTEAD EXEMPTION. SCHOOL DISTRICT TAX BILLS ARE BASED ON THE AVERAGE TEXAS SCHOOL DISTRICT TAX RATE WITH REDUCTIONS IN EFFECT ONLY IN 2023 AND 2024.
Dade Phelan on June 20 announced the Select Study Committee on Sustainable Property Tax Relief, which includes Johnson. The committee is considering issues that a ect property taxes. Additionally, the group is studying the possibility of limiting taxable value to maximize homeowners’ savings,
eliminating maintenance and opera- tions taxes by 2035, and reducing the tax burden of appraisal increases on property, Phelan said. State Rep. Greg Bonnen, R Friend- swood, said the state has $17.6 billion set aside for property tax relief and that, due to Abbott’s charge, legislators must
come to an agreement this summer. “At the end of the day, we have to get this done,” Bonnen said. “It’s a top pri- ority for me.”
For more information, visit communityimpact.com .
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PEARLAND FRIENDSWOOD EDITION • JULY 2023
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