AUSTIN - Texas Lieutenant Governor Dan Patrick and Speaker Dade Phelan today issued a joint statement to announce an agreement on proposed legislation that will deliver the biggest property tax cut in Texas history. Both leaders met last week in Austin and, along with members of the House and Senate, have continued working day and night to reach a consensus. The deal represents a significant win for providing relief to Texas property owners and reflects the commitment of Texas leaders to address the concerns of taxpayers and provide significant relief from the burden of escalating property taxes.
Highlights of the $18 billion tax cut legislation include: Over $12 billion will be spent on reducing the school property tax rate for all homeowners and business properties.
Every homeowner who homesteads their home (approximately 5.7 million homeowners) will get a $100,000 homestead exemption.
