Texas lawmakers brought an end to months of GOP infighting by passing record-breaking tax cuts for Texas homeowners. The $18 billion tax cut now heads to the...
, the legislation attached to the constitutional amendment, passed 132-4 in the House after passing the Senate on Wednesday.
The plan also increases the homestead exemption from $40,000 to $100,000, allowing property owners to lop that off of the taxable value of their principal residence.Other aspects include a compromise between the House and the Senate that adds a 20% cap on increases to appraisals for commercial properties valued at $5 million or less. The so-called circuit breaker provision would expire after three years.
“The Texas House and Senate fulfilled our promise with an agreement that delivers a comprehensive, long-lasting solution to increasingly burdensome property tax bills,” Abbott said in a statement.Advertisement
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