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Texas property tax cut was initially approved by Texas lawmakers. The property tax cut is the largest in the state’s history, KVUE reported.
Texas Property Tax Cut Initially Approved By Lawmakers, Largest In The State! (PHOTO: The Texas Tribune)
Texas Property Tax Cut, Largest in the State’s History
Lawmakers in Texas have approved the largest Texas property tax cut in the state’s history. The Texas House has voted to combine the Senate’s plan with them to provide Texans the largest tax relief.
Despite the disagreement between Lt. Gov. Dan Patrick and House Speaker Dade Phelan on Twitter, Texas residents will now be given a larger tax break, thanks to the House’s solution to combine plans with the Senate.
The Texas Senate‘s original version is to only increase the value up to $100,000 for seniors and $70,000 for homeowners.
On the other hand, the approved version of Senate Bill 3 by the House, increases the homestead tax exemption. Texas who are 65 years old and older, the amount rises to $110,000, for homeowners, the amount of a house’s value that can’t be taxed is from $40,000 to $100,000.
To all businesses, homes alike, and all properties in Texas, the bill also includes the House plan to reduce the property appraisal cap from 10% to 5%.
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Texas Property Tax Cut
Texans who own homes valued at $350,000 can save $2,800 for two years as Senate Bill 3 compresses the school district tax rate.
Senate Bill 3 comes with provisions in the state budget. It would give Texas a whopping $21 billion in relief. The State would put about $15.5 billion into the public education system to pay for the cuts and ensure districts won’t lose funding.
The House will take a final vote Friday and then send the bill back to the Senate. The bill has initially passed on a vote of 140 to 5.
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