This Week in Texas
Mark McCaig
The Texas Voice
The Texas House and Texas Senate approved the conference committee report on Senate Bill 1 – the state budget – on Saturday. Coming in at $338 for the biennium, the budget passed the Senate 30-0 and 107-21 in the Texas House.
“This budget reflects conservative principles of fiscal responsibility and prioritizing the needs of Texans,” said State Senator Joan Huffman, the author of Senate Bill 1 and Chairman of the Senate Finance Committee. “Through months of diligent work and principled negotiations, we have crafted a balanced budget that adheres to our constitutional and statutory spending limits while addressing the challenges of our growing state. Despite pressures from population growth and global economic uncertainties, this budget ensures Texas remains the premier destination for families, businesses, and opportunity, thanks to the Legislature’s steadfast commitment to fiscal discipline and the well-being of our citizens.”
GOP Leaders Applaud $10.3 Billion Property Tax Relief Package
During his State of the State address earlier this year, Governor Greg Abbott prioritized property tax relief, urging lawmakers to pass $10 billion in property tax relief.
The legislature delivered on that mandate, passing a $10.3 billion property tax relief package. That package includes proposals to be decided by voters in November to raise the homestead exemption to $140,000, with an increase to $200,000 for Texans who are over 65 years old or disabled. The state budget also included additional funding for buying down school district property tax rates, known as compression.
In a joint statement, Governor Greg Abbott, Lt. Governor Dan Patrick, and Speaker Dustin Burrows applauded the passage of property tax relief.
“Never before has the Texas Legislature allocated more funds to provide property tax relief than they did this session,” said Governor Abbott. “I thank Lieutenant Governor Patrick, Speaker Burrows, and the members of the Texas House and Senate for providing Texans with badly-needed property tax reductions. I will sign these bills into law to deliver lasting relief for Texans and their families, and I urge Texans to approve the new increases in the homestead and business property tax exemptions this November.”
“When I became Lieutenant Governor in 2015, the homestead exemption was a tiny $15,000,” said Lieutenant Governor Patrick. “Since then, we have increased it to $100,000, and with the passage of Senate Bill 4 and Senate Bill 23, it is now $200,000 for seniors and $140,000 for non-seniors. The average senior homeowner will no longer pay any school property taxes for the rest of their life as long as they live in their home. Homeowners under 65 years old will now see almost 50% of their school taxes cut. Nearly 25% of our all state funds budget this year is going to property tax relief. We have come a long way in the last 10 years, when only a small percentage of our budget went to property tax relief.”