The Texas House will pass a sweeping property-tax relief package this session that includes tighter appraisal caps that apply to all kinds of property, not just homes, Speaker Dade Phelan said Thursday.
House Bill 2 by Dallas Republican Rep. Morgan Meyer also would slash rates on schools’ main property levy, delivering a $461 tax break next year for the owner of a $350,000 home – and $590 in fiscal 2025, Phelan said.
The House “is going to focus on property tax relief in a new way, the likes of which we haven’t seen in many, many decades,” he said at a policy summit sponsored by the conservative think tank the Texas Public Policy Foundation.
Under an amendment to the Texas Constitution voters approved in 1997, the appraisal for a home declared as a homestead may not increase more than 10% a year. Phelan said spiraling real estate values make notices of new appraisals traumatic.
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“You get your appraisal, you hold your breath and open it. It’s like getting a letter from the IRS. This is not good news,” he said.
Click here to read more from our partners at The Dallas Morning News on the House's plan.
