Governor Greg Abbott today ceremoniously signed into law a bill passed by the second special session of the 88th Legislature in New Caney that delivers $18 billion in property tax cuts, the largest in Texas history. The Governor was joined in the historic bill signing by Lt. Governor Dan Patrick, Speaker of the House Dade Phelan, Senator Paul Bettencourt, Representative Morgan Meyer, and other members of the Texas Legislature.
“Today, I am signing legislation that will secure more than $18 billion in property tax cuts, the largest property tax reduction in Texas history,” said Governor Abbott. “If passed by voters this fall, Texas' homeowner deduction would increase to $100,000, protect older homeowners from declining home values, and double the small business deduction for franchise taxes. , Texas small businesses will be protected from overvaluation.''None of these monumental reforms would have been possible without the efforts of Lieutenant Governor Patrick and Chairman Phelan, and we We are proud to have come together to provide much-needed property tax relief to Texans and sign these new laws into law today. ”
In his 2023 State of the State address, Governor Abbott made property tax relief for Texans an emergency item for the 88th Legislature. Under Senate Bill 2 and Senate Bill 3, $18 billion of Texas' historic budget surplus will reduce property tax rates for school districts, expand the homestead exemption for Texas homeowners, It would be allocated to exempt small businesses from franchise taxes and expand assessment caps.
“The signing of this Texas-wide tax cut, the largest property tax cut in history, is a huge victory for all 5.7 million Texas homeowners,” said Lt. Governor Patrick. “The combination of compression and the $100,000 homestead exemption is a powerful one-two punch that will reduce school property taxes on homestead assets for average-priced homes by $1,250 to $1,450 annually. Become.”
“As they say, everything is bigger in Texas, and that now includes property tax relief,” said Chairman Phelan. “At the beginning of the session, state leaders began passing legislation that would provide relief in a way that property owners could actually see and feel. This $18 billion package, the largest in the nation, does just that. It's because of the hard work of all the members of Congress who helped make this historic feat possible, and I'm grateful to the senators who worked with our chamber to accomplish this. Masu.”
“Governor Abbott just signed the largest tax cut in the history of the world,” said Senator Bettencourt. “This is a fantastic $18 billion tax cut bill that will see all Texans realize significant tax savings. It was a great pleasure to work with you.”
“I want to thank the Governor, the Lieutenant Governor, and the Speaker of the House for their leadership on this issue,” said Congressman Meyer. “It's great to work with the Senate to deliver this historic tax cut for the state of Texas. This clearly and clearly shows that we are listening to our constituents. Masu.”
Senate Bill 2 (Bettencourt/Meyer) Reduce property taxes through pilot projects that compress tax rates, increase homestead exemptions, and limit assessed value increases. For the 2023 tax year, this will save the average Texas homestead owner more than $1,200. A homestead owner in Texas who is over 65 or disabled will save her more than $1,400.
Senate Bill 3 (Bettencourt/Gellen) This law increases the threshold for “no tax liability” for franchise taxes to $2.47 million, eliminating onerous filing requirements for those who do not owe taxes.
A proposed constitutional amendment providing the largest property tax reduction in Texas history will be added to the Texas Constitution if passed by a simple majority of Texas voters on November 7, 2023.
