In the House, 20 Democrats signed onto a letter Tuesday that expressed disdain for the Legislature's inability to utilize the budget surplus to further school funding and increase teacher pay during the session. Patrick shot back from the dais, saying the question from Gutierrez was inappropriate. "I just wonder which one of those two people decided to abandon the teachers of Texas and not give them a pay raise," Gutierrez said, voicing frustration toward the House leadership team. This is considered a pilot program that comes up for renewal after three years. That means that their appraised value cannot increase by more than 20%. In addition to compression and the homestead exemption, the new agreement would give a tax break to commercial, residential and nonhomesteaded properties through a 20% "circuit breaker" on real property valued at less than $5 million. "And it's a fantastic recognition of the obvious: that we need to do everything we can to promote homeownership in Texas." "And that's the most powerful thing you can do as a tax writer is to exempt something from taxation," Bettencourt said. More: The Texas Legislature's 2023 property tax plan: Here's what you need to know While laying out the bill on the Senate floor Wednesday after the Senate Committee on Finance met and quickly pushed the legislation back to the whole Senate for consideration, Bettencourt said homeowners under 65 could see $1,300 in tax savings per year with disabled homeowners and those over 65 seeing a possible $1,450. Paul Bettencourt, R-Houston, the chief property tax architect in the Senate throughout the legislative process, lauded the agreement that represents a compromise between the Senate's preferred homestead exemption and the House's preference of appraisal caps. "With that being said, congratulations to you, but, more importantly, congratulations to the taxpayers in Texas - they're the big winners today," he said. "Coming into the session with a $34 billion surplus, we knew this would be the most contentious issue that we face is how to return these dollars to taxpayers," Phelan said, thanking House members, staff and colleagues in the Senate. House Joint Resolution 2, which allows for changes to the state Constitution as warranted by the property tax plan if approved by voters in November, was also passed nearly unanimously in each chamber Thursday. "I look forward to signing this legislation into law to provide Texans with the largest property tax cut in Texas history.” What's in the legislation? "I thank my partners in the Texas Legislature for coming together to honor the best interests of hardworking Texans who want to own their property-not rent it from the government," Abbott said in a statement following the passage of the tax plan. On Thursday, the House then passed the same legislation after hours of debate and many rejected amendments, sending Senate Bill 2, on a 133-4 vote, and Senate Bill 3, on a 131-5 vote, to Abbott's desk to be signed into law. "That is the key that is proven out in this legislation." "To get to the possibility one day of reducing school property taxes for everyone to a very small number is the combination of compression and homestead exemption," said Patrick, the Senate's leader, thanking members of both chambers for reaching an agreement as the bills were passed unanimously from the Senate on Wednesday. That revelation quickened the pace of the property tax discussion in the Capitol that had dragged on, often including bickering on social media, through both special sessions and throughout the entire regular session that ended May 29. Dan Patrick and House Speaker Dade Phelan, R-Beaumont, announced that a deal had been struck between the two chambers. The omnibus relief plan, which dedicates more than $12 billion to compress, or lower, school property tax rates, gained steam on Monday after Lt. Greg Abbott for final approval would raise the state's homestead exemption to $100,000, exempt certain businesses from paying a franchise tax and create a pilot program set to limit property appraisal value increases. A monthslong effort to advance property tax relief came to fruition on Thursday as both the Texas House and Senate adjourned the second special session of the year sine die after passing legislation meant to drive down local tax rates and help homeowners pay less on their properties.īilled as the "biggest property tax cut in Texas history," the $18 billion package sent from the Legislature to Gov.
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