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Gov. Greg Abbott named Angela Colmenero interim Attorney General of Texas on Monday, July 10.
Texas Lieutenant Governor Dan Patrick and Speaker Dade Phelan earlier this week issued a joint statement on an agreement on proposed legislation that will deliver the biggest property tax cut in Texas history.
Both leaders met last week and, along with members of the House and Senate to reach a consensus representing a significant win for providing relief to Texas property owners.
Highlights of the $18 billion tax cut legislation include: -Over $12 billion will be spent on reducing the school property tax rate for all homeowners and business properties.
-Every homeowner who homesteads their home (approximately 5.7 million homeowners) will get a $100,000 homestead exemption.
-Non-homesteaded properties, valued at $5 million and under, including residential and commercial properties, will receive a 20% circuit breaker on appraised values as a 3-year pilot project.
-Legislation will also include savings on the franchise tax for small businesses and create newly elected positions on local appraisal boards.
“Reducing property taxes, providing relief to small business owners, and reforming our appraisal system will ensure economic growth and prosperity, and this agreement is a significant victory for all Texans,” said Phelan. “Negotiations with the Lieutenant Governor have been extremely productive, and by coming together and finding common ground, the House and Senate are one step closer to providing much-needed, much-deserved relief. I look forward to the passage of this package in the coming days and delivering on our commitment to the people of Texas.”
On the proposed legislation, Patrick said, “I started working to reduce property taxes at a Capitol hearing in 2003, four years before I was elected to the Texas Senate. It has been a long road, but this is a great day for all property owners. Speaker Phelan and I worked diligently together over the last week on the final bill. It made the difference. It may have taken overtime, but the process has produced a great bill for homeowners and businesses.”
Both the omnibus property tax relief bill and the franchise tax relief bill will originate in the Texas Senate and the constitutional amendment will be introduced as a House Joint Resolution (HJR). The Senate and House was set to file legislation on Monday with the goal of passing the bills later this week.