There was no fanfare or big public announcement, but Texas Republican Gov. Greg Abbott recently signed legislation that could bring property owners the "biggest property tax cut in Texas history."
The legislature's $18 billion omnibus plan to lower property taxes is done by compressing the school property maintenance and operations tax rate and by raising the homestead exemption from $40,000 per year to $100,000 per year. The plan also eliminates the franchise tax for small businesses.
The additional homestead exemption could save homeowners several hundred more dollars per year on their property tax bill, though that amount varies because tax rates vary across the state.
According to the Texas Legislature's online records, Abbott signed SB2 and SB3 on Saturday. The proposal for the homestead exemption, HJR2, was referred to the Texas Secretary of State to be added to ballots this fall.
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HJR2 will be decided by voters in the general election on Nov. 7. If approved by voters, the tax cuts would go into effect early next year.
