Summary: News on property tax and property tax relief.
Latest Update: Friday, 02 September, 2022
Tags: #Finance #PropertyTax
Current news articles on Texas property tax and tax relief.
Texas House Ways & Means Committee Meeting
When: Thursday, September 8 at 11 a.m.
Topics to be Discussed: Property Taxes, Appraisal Reform & Corporate Welfare
Additional Information: Public testimony permitted. The public can electronically submit comments here.
Abbott Draws Line in the Sand on Budget Surplus Use for Property Tax Relief, Texans for Fiscal Responsibility, 31 August 2022
Tweet: “Texas is sitting on a record budget surplus of $27 billion... Because this is your money, I want to return at least HALF of that money to you with the largest property tax cut ever in the history of Texas.” - Gov. @GregAbbott_TX
In mid-July, Texas Comptroller Glenn Hegar announced an additional revision to his projected budget surplus before state lawmakers convene in January of 2023. He projected that lawmakers would have a budget surplus of nearly $27 billion to potentially allocate as they consider the next biennial state budget.
Using “at least half” of the projected surplus is more than what Texas Lieutenant Governor Dan Patrick previously indicated he was comfortable using, amounting to a paltry $4 billion.
Abbott Forecasts ‘Biggest Property Tax Cut in Texas History,’ Texans for Fiscal Responsibility, 09 August, 2022
Recently, Texas Governor Greg Abbott gave the keynote address at the 18th annual West Texas Legislative Summit in San Angelo, Texas. In the address, he talked about property taxes and other issues in his plan for the upcoming legislative session.
... indicating Abbott revealed that he plans to use a large portion of the estimated $27 billion surplus to pay down the maintenance and operations (M&O) compression rates. However, Abbott seemed to stop short of specifying just how much of that surplus would be used for what he called “the biggest property tax cut in the history of Texas.”
Inflation, high energy prices mean the Texas Legislature will have unprecedented funds to allocate next year, The Texas Tribune, 14 July 2022
Record-high tax revenues over the last year will give Texas lawmakers an astounding extra $27 billion to spend in the 2023 legislative session, the state’s top accountant said Thursday.
In total, lawmakers will have $149.07 billion in general funds, Comptroller Glenn Hegar said. Going into the last regular legislative session in 2021, lawmakers had $112.5 billion at their disposal.
And that number could continue to grow. The extra $27 billion comes from more revenue coming in to the state than expected during the current biennium. Other factors could continue to push it up.
Abbott pledges 'very large property tax cut coming' next session, The Center Square, 13 July 2022
Gov. Greg Abbott says Texans should expect a large property tax cut when lawmakers return to session next year.
Governor Abbott Signs Pivotal Property Tax Reforms Into Law, Office of Texas Governor, 12 June 2019
Governor Greg Abbott today signed into law Senate Bill 2, which delivers significant property tax reforms that will cap property tax increases without voter approval and provide tax reform to homeowners and businesses across Texas.
Analysis: Property tax relief that doesn’t lower your tax bill, The Texas Tribune, 01 April 2022
Texas lawmakers tried to lower property tax bills during their 2019 session, and a new report says they put a dent in the problem: Taxes aren’t rising as quickly as they would have. But they didn’t solve it: Property taxes are still rising.
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