Worth $17.6B Texas Property Tax Payment Plan Was Passed In The Senate To Help All Taxpayers In Texas
Texas Property Tax Payment Plan Was Passed In The Senate
The biggest property tax payment plan in the State’s history that worth $17.6 billion and it will substantially help most Texas Taxpayers according to the author of the Bill Senator Paul Bettencourt. Senate Bill 1 (SB 1) will enhance the homestead exemption by $60,000 to $100,000 and add an extra 10 cents maximum compressed tax rate (MCR) on top of the existing 10.98 cents of SCP tax rate compression.
KVUE ABC news reports that according to Bettencourt that $1,246 which homeowners can avail of during the first year while in the second year will be $1,292. Those who are seniors starting aged 65 and disabled will have $1,416 in savings in year one and $1,462 in savings in year two.
Taxpayers Deserve To Receive The Largest Texas Property Tax Payment
Lieutenant Governor Dan Patrick said on his Twitter post that the passage of SB 1 and Senate Joint Resolution 1 (SJR 1) is what taxpayers deserve to receive the largest property tax cut in Texas history, and delivers on that promise sustainably and responsibly.
Bettencourt also concluded that the Texas Property Tax payment plan r all Texas taxpayers as M&O ISD property tax rate for schools will fall by 21.8 percent in two years while everyone benefits, and voters will get to vote on the $60,000 homestead increases up to $100,000 November 7, 2023. Hence, if the voters approve, SB 1 will immediately lower 5.72 million homeowners’ tax bills.
The Senate claimed that SB 1 would reduce the 10 cents of MCR compression and combine that with the 10.98 cents of State Compression Percentage (SCP), which would decrease the ISD Maintenance and Operation (M&O) tax rates close to 21 cents.
In regards to SJR 1, it will still need approval by voters in November. According to the release from the Senate, it will preserve 5.72 million Texas homestead owners $1,245.93 this year when they see their successive tax bill in the Fall by raising the Homestead Exemption to $100,000.