This past week, we had a resounding victory for property owners across Texas. House Republicans overwhelmingly passed HJR 2 over the summer, and allowed Texas homeowners the opportunity to take it one step further.
This $18 billion property tax cut package zeros in on school funding, allowing the legislature to pay for the historic relief package without it counting against the legislative spending cap.
Proposition 4 was on the ballot because Texas House Republicans, including Rep. Allison, voted earlier this year to present this constitutional amendment to the voters. It was designed to bring much-needed property tax relief. This $18 billion property tax-cut will result in a significant reduction of property owners' tax bills.
This reform has been years in the making, and it's received praise from key supporters. As one House Republican put it, "We've been fighting for property tax reform for almost 20 years. To see all our hard work pay off and give the public the property tax reduction they've always wanted is fantastic."
At its core, Proposition 4 aims to lower school district property taxes and expand homeowners' homestead exemptions for school district taxes. School districts will receive $7.1 billion to cut their tax rates, which means a 10.7 cent reduction for every $100 of your property value.
The passage of Proposition 4 is a significant milestone in the ongoing efforts to provide Texans with much-needed property tax relief. It also shows Texas's commitment to leveraging its strong economic growth. Besides property tax reforms, the package includes $5.3 billion to fund previously approved tax cuts, highlighting Texas Republicans' dedication to delivering meaningful tax relief.
According to ART President Jamie McWright, "The overwhelming approval of Proposition 4 underscores the strong commitment of Texas lawmakers to address property owners' concerns and provide substantial property tax relief. This marks a brighter, more prosperous future for all Texans."
