July 14, 2023: Special Session #2 When the first Special Session ended with no final property tax relief bill, Governor Abbott quickly called a second Special Session to deal specifically with property tax reduction and relief.
The Second Called Special Session concluded on Thursday, July 13, 2023, and both Chambers adjourned - at least until the next Special Session the Governor is expected to call. This time, the leaders of the House and Senate found common ground.
Highlights of the $18 billion tax cut legislation include: Senate Bill 2, which was previously passed unanimously by the Senate, increases the homestead exemption to $100,000 and uses around $7 billion to additionally buy down— or “compress”—local school property taxes. Additionally, the compromise plan includes what they have called a “20% circuit breaker” appraisal cap on non-homesteaded properties under $5 million in value for a three-year pilot program.
