CONTACT: Morgan O\u2019Hanlon, 512-970-4590, mohanlon@texasrealtors.com<\/p>\n\n\n\n
The deal is the largest-ever legislative effort to rein in skyrocketing property taxes and keep homeownership attainable and sustainable for Texans.<\/strong><\/em><\/p>\n\n\n\n July 10, 2023 \u2014 Austin<\/em><\/p>\n\n\n\n The Texas Legislature is poised to approve more than $18 billion to rein in Texas property taxes. The compromise reached between the House and Senate will include a $100,000 homestead exemption, $12 billion to buy down local school tax rates, and a pilot program to impact appraised values, targeted toward small businesses.<\/p>\n\n\n\n \u201cTexas REALTORS\u00ae appreciates that the compromise includes an increase in residence homestead exemptions to $100,000 as prioritized by the Lt. Governor and Senate during the 88th regular session, which will help all 5.7 million Texas homeowners. We are also pleased to see thoughtful consideration given to the House\u2019s concerns about the property tax burden on non-homestead properties, such as rental properties and small businesses,\u201d said Texas REALTORS\u00ae 2023 Chair Marcus Phipps.<\/p>\n\n\n\n Texans\u2019 property taxes are among the highest in the country. Today\u2019s landmark deal comes amid persistent affordability challenges around the state over the past several years. \u201cWe thank all the lawmakers who worked to find a solution that helps all Texans achieve \u2013 and maintain \u2013 the dream of property ownership,\u201d Phipps said.<\/p>\n\n\n\n Additionally, by increasing the minimum threshold for franchise tax filers from $1.25 million to $2.5 million, this compromise plan will save money for 67,000 small businesses around the state.<\/p>\n\n\n\n About Texas REALTORS\u00ae CONTACT: Morgan O\u2019Hanlon, 512-970-4590, mohanlon@texasrealtors.com Texas Legislature Reaches Historic Deal on Property Tax Reform The deal is the largest-ever legislative effort to rein in skyrocketing property taxes and keep homeownership attainable and sustainable for Texans. July 10, 2023 \u2014 Austin The Texas Legislature is poised to approve more than $18 billion to rein in Texas […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_uag_custom_page_level_css":"","_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[191],"tags":[],"class_list":["post-19775","post","type-post","status-publish","format-standard","hentry","category-blog"],"featured_image_src":null,"author_info":{"display_name":"ROCK Properties","author_link":"https:\/\/resourceful-teal-lizard.rotrealty.com\/rockproperties\/author\/rock5861gmail-com\/"},"yoast_head":"\n
With more than 150,000 members, Texas REALTORS\u00ae is a professional membership organization that represents all aspects of real estate in Texas. We are the advocate for REALTORS\u00ae and private property rights in Texas.<\/p>\n","protected":false},"excerpt":{"rendered":"