Texas House and Senate Budget Bills Provide $15 Billion Each for Property Tax Exemption
A busy day in the Collin County Estimated District. Patty Fogleman is here to claim a homestead tax exemption. She just bought a new house in Josephine. Any increase in the release of the homestead would be welcome news.
“With fixed income, Social Security and my husband’s military pay, this would really help us,” said Patty Fogleman.
This may come from the Texas Legislature.
Legislators have repeatedly stated the need to reduce property taxes. In this budget cycle, the budget surplus is almost $33 billion. Both the Texas House of Representatives and the Senate have released budget bills, each including $15 billion for property tax relief. The Senate says the $3 billion is intended to increase the homestead tax exemption. This was stated by Lieutenant Governor Dan Patrick. his speech at the inauguration.
“The Texas Senate will raise your homestead tax exemption to $70,000,” Lt. Gov. Dan Patrick said.
That’s $25,000 more than the current homestead tax exemption.
“I think it would be great. You know property taxes go up over the years and any relief we can get would be great,” said homeowner Mika Roshley.
The chairman of the Democratic caucus in the House of Representatives wants to see him higher, pointing to a surplus and a fund for a rainy day.
“I say, why stop at 70? This is a good start, I think we can do better,” said Trey Martinez Fisher, chairman of the Texas House Democratic Caucus.
The Telvin branch will take note of this. He is the first homeowner to live in his home for just over a year.
Who doesn’t want savings? You know, I would like to have extra money for something else related to my house, and not just pay taxes, ”said Telwyn Branch.
Both the House of Representatives and the Senate must agree on a budget.
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texasstandard.news contributed to this report.