Texas has a surplus budget amounting to $33 billion and the state’s lawmakers intend to spend $15 billion on property tax relief.
$15 Billion Property Tax Relief Package
The state of Texas is paying more property taxes compared to other states including California. This is the reason why the state’s lawmakers are proposing to the senate that an amount of $15 billion should be intended from its surplus budget amounting to $33 billion.
It can be remembered that Republicans have been campaigning on property tax relief before the November election. It was one of the highlights of the party and they also said that it will be a key part of the ongoing efforts in the current legislative session.
In a published article in CHRON, a draft of the proposal was released on Wednesday. It was indicated that an amount of $16,799,557 was listed as a “Property Tax Program,” and is expected to expire on August 31, 2024.
Lawmakers Released A Statement
Sen. Joan Huffman, a Republican from Houston, filed the bill but there could be some changes in the provisions of the proposed bill. Meanwhile, Lieutenant Gov. Dan Patrick said property tax relief would be top of the agenda for the legislative bodies in 2023.
Patrick said, “In the budget that we will release this week, Texas Senate will raise your homestead exemption to $70,000, which will save you thousands of dollars over the lifetime of your home,” He also added that lawmakers intend to alter the business tax exemption to help small business owners.