The property tax cuts proposed in Wichita County intend to allow economic growth for small businesses. Further reports say most of the businesses in the area could expect a tax cap of 20%.The property tax cuts proposed in Wichita County in Texas are estimated to save 40% for general homesteads. In addition, the property tax cuts proposal also intends to allow small businesses to display economic growth.
According to Reed, under the property tax cuts proposed, small businesses could expect to see a 10.7 reduction for every 100 dollars in their school taxes. Furthermore, most of the businesses in Wichita County could also expect to see a tax cap of 20% under the property tax cuts proposed. Private tax appraiser Mark Bruce stated that the property tax cuts are for businesses with a total value of below $5 million.
Property Tax Cuts for Medium-Sized Businesses
According to Bragiel, apart from the property tax cuts for small businesses, the proposal also intends to allow medium-sized businesses to save additional funds as well. Reports say businesses would be authorized to generate twice the amount of revenue it makes before paying for franchise taxes.
This suggests that around 67,000 small to medium-sized businesses will be removed from this category. Bruce further stated that under the property tax cuts proposal, the franchise exemption for businesses with yearly revenue of not more than $2.47 million will be increased to 2.47% from 1.23%.