Hoping to Provide Taxpayer Relief, Abbott Signs Law to Cap Tax Revenue Increases for Cities and Counties

AUSTIN -- Gov. Greg Abbott on Wednesday triumphantly delivered his top campaign promise to voters when he signed into law a bill -- detested by city and county leaders -- that caps how much local government can collect in property taxes.Abbott was flanked by Lt. Gov. Dan Patrick and House Speaker Dennis Bonnen, as well as several lawmakers from the House and Senate, as he said the law creates “substantial property tax relief” and “lasting, meaningful, tangible results” for homeowners and businesses.Abbott said the law works in tangent with a landmark school finance bill he signed Tuesday that provides $5 billion in state funds to schools to help buy down local school property taxes. That bill, Abbott said, would lower property taxes by an average of 5% the first year and 10% the second year, before the Legislature must come back in 2021 to fund further years.“Our goal in passing SB 2 is to ensure that the benefits of the property tax buydown that I signed yesterday will be felt by businesses like this and by homeowners across the state of Texas for years to come,” he said as he signed the law at Wally’s Burger Express, a family-owned restaurant in Austin.  Continue reading...