Texas voters could sign off on a package of property tax cuts for homeowners and businesses, cuts in school districts’ tax rates and other tax changes.
One of the proposed state constitutional amendments on the Nov. 7 ballot is a proposition to provide property tax cuts to homeowners.
Republican tax-cut warriors have heralded the package, which gained bipartisan support in both chambers of the Texas Legislature, as unprecedented tax relief for homeowners and business owners. Public education advocates, meanwhile, warn that the proposal could imperil public school funding and lead to future school budget cuts. And renters would see no direct tax relief should the constitutional amendment pass.
“It’s their money coming back to them,” Bettencourt said. “That’s what should happen when the government has a surplus.” “That’s going to put our schools on a pogo stick that’s going to jump up and down with the economy and have no stability,” said Chandra Villanueva, director of policy and advocacy at the left-leaning Every Texan.
Tax policy experts have doubted the effectiveness of such a cap. Property values surged in 2022 amid the state’s exploding population and job growth, according to figures provided by the comptroller’s office. But outside of 2022, that kind of value growth wasn’t typical for most types of properties, even as Texas boomed over the past decade. Owners of commercial properties in 2022 saw the market value of their holdings grow by 15% on average — short of the 20% cap.
The proposition would also exempt more businesses from having to pay the state’s franchise tax. If approved, the amendment would also allow voters to handpick three members to serve on their local appraisal district’s board of directors. Currently, people are appointed to those posts.Renters make up more than one-third of the state’s households and pay one-quarter of the state’s school property taxes through their monthly rent, according to the comptroller’s office.
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