House Democrats announced a $20.9 billion property tax relief bill for the teachers and renters in Texas. The tax relief will be provided through tax compression, annual rent rebates, and increasing the homestead exemption.On July 6, the House Democrats announced a $20.9 billion property tax relief bill for teachers and renters in the state of Texas. Reports say the property tax relief bill will provide a tax compression, annual rent rebates, and an increase in the homestead exemption.
According to Gore, the property tax relief bill was proposed by Democratic Representative John Bryant who combined the plans of the former House and Senate. This suggests that the property tax relief bill, along with a joint resolution, allowed for continuous and sustainable relief for both teachers and homeowners in the state.
Property Tax Relief Bill
Further reports say that the property tax relief bill Bryant proposed intends to increase the state’s allotment for school funding by $1,000. The property tax relief bill will also establish a permanent annual increase of $4,300 for the teachers through $15 billion in spending.
In addition, an article in KWKT FOX 44 states that under the property tax relief bill, homeowners will be qualified to receive whichever is higher between a homestead exemption of $100,000 or 25% of the value of their homes, capped at $200,000.