Taxing Texas
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What to Know: Two legislative leaders said in a TPPF Livestream event on Tuesday that cities and counties shouldnât attempt to ignore Senate Bill 2âs taxpayer protections by raising taxes during the current economic downturn.
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The TPPF Take: As Chairman Paul Bettencourt noted in the Livestream, âThe whole purpose behind SB 2 was to give voters more say in their property taxes,â by lowering the voter-approval rate from 8 percent to 3.5 percent.
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âThe former 8 percent rollback rate was put into place in 1981, at a time of great inflationâdouble digit inflation,â says TPPFâs Vance Ginn. âThat seemed to reflect the times we were in. But if you look at the last 25 years, inflation hasnât been above 4 percent. If we changed it then, it was time last session to do it again. And thatâs what Texas did.â