![]() ![]() The changes to the franchise tax code, the 20% appraisal cap and the M&O tax rate compression would all show up on tax bills and require no special action. If the changes in the tax code that require voter approval get the green light, they would mostly go into effect automatically with no action required by property owners. Lawmakers said the change would hold the people who oversee appraisals more accountable to the property owners their decisions affect. Under the new legislation, each appraisal district’s board of directors will now include three positions elected by a majority vote at a county general election for four-year terms. There are five key parts to the tax-cuts package.Įlected appraisal officials: County appraisal districts are currently appointed positions and can vary in size, with a typical board having about nine members. ![]() The amendment is also needed so that the cost of all of the tax cuts this year won’t count against spending limits imposed by voters and lawmakers on the $321.3 billion state budget for the next two years. Proponents of the package wanted a constitutional amendment so that any changes that lawmakers might want to make to certain parts of the bill in the future would have to be approved by voters first. Will Metcalf, R-Conroe, is the constitutional amendment that will go before voters in November and would authorize the state to enact the cuts in those two bills. ![]() These measures will not appear on the ballot. Senate Bill 2, at a cost of $12.7 billion, details the proposed property tax cuts, while Senate Bill 3, which costs about $600 million, adds cuts to the franchise taxes some businesses have to pay. Added to $5.3 billion budgeted in 2019 to lower school tax rates, a total of $18.6 billion in tax cuts would go to property owners this year. The extra cash in the state coffers was attributed largely to record sales tax collections - which every person pays when making purchases in Texas - when inflation soared nationally after the pandemic. Here’s what you need to know to make your decision.Įarlier this month, during the second special session of the 88th Legislature, lawmakers passed three bills to spend $13.3 billion of a historic state surplus to rein in Texas property taxes, which are among the highest in the nation. If approved, an outcome that seems likely given voters’ support of tax cuts in the past, the changes would be applied for the 2023 tax bills due in January. 7 whether to allow the state to spend billions in taxpayer money - mainly collected from Texans during the past two years - to pay for the massive cuts. But before they can go into effect, Texas voters will first have to decide in a constitutional election on Nov. Greg Abbott signed the legislation creating the cuts last weekend, officially closing months of negotiations among the state’s top Republicans. Sign up for The Brief, The Texas Tribune’s daily newsletter that keeps readers up to speed on the most essential Texas news.Ī $12.7 billion package of property tax cuts goes before voters later this year, promising to deliver savings to millions of property owners in Texas suffering from skyrocketing tax bills. ![]()
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