Texas Gov. Greg Abbott, while in Arlington Wednesday promoting the state's growing economy, said he wants to remove the school tax burden from property owners and restore tools for economic development.
During a speech to the Arlington Chamber of Commerce, the Republican governor said he's working with lawmakers to reduce property taxes long-term and that his goal is to eliminate the taxes paid for school districts by property owners.
Abbott said the state would pay that part of the tax bill down the road and that it would be a significant cost saving to homeowners, reducing their annual property tax obligation by two-thirds or three-fourths.
The governor said the state would add money to the Property Tax Reduction Fund each session and that he wants to use that money to buy down the school component part of the property tax obligation owed by property owners with the goal being to eventually eliminate the tax altogether.
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Abbott said other strategies to reduce property taxes in the state are also being considered.
Abbott also said the state legislature would leave the current session with new tools for economic development that would replace Chapter 313, the expired tax incentive that offered new businesses in the state a limitation on their appraised property value for 10 years.
Speaking of the need for economic development tools, the governor said Texas was recently a finalist for a Micron semiconductor manufacturing facility but lost to New York because the benefits package offered by New York was billions better than what Texas could offer.
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Abbott was joined Wednesday by Arlington Mayor Jim Ross, Greater Arlington Chamber of Commerce Chairman Dr. Kenyon Godwin, and Greater Arlington Chamber of Commerce President and CEO Michael Jacobson.
