Greg Abbott to sign Texas property tax bill: What to know
Story by Giulia CarbonaroTexas Governor Greg Abbott is expected to sign new legislation offering property tax relief to homeowners in the state struggling with rising bills, on Monday.
If endorsed by voters in November, the measures pushed forward by the GOP-led Texas legislature would significantly lower the cost of homeownership for millions of Lone Star State residents, including seniors and disabled owners, at a cost of over $3 billion.
It would also dramatically slash revenues for local governments funding crucial public services, which the state would have to make up for.
Why Do Texas Lawmakers And Abbott Want To Cut Property Taxes?While the Lone Star State is known for its relatively low tax environment, homeowners actually pay some of the highest property taxes in the country. These are levied by local governments and used for funding schools, streets, roads, police and fire protection. The governing body of each of these local governments sets its own tax rate based on a property's appraised value.
But property taxes all across the U.S. have surged in step with home values since the pandemic, when historically low mortgage rates sparked a homebuying frenzy which had its epicenter in some of the country's most affordable states, including Texas. Between 2019 and 2023 alone, median property taxes in the Lone Star State rose by 26 percent, according to data by Cotality, formerly CoreLogic.
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