Governor of Texas Greg Abbott has released a five-point plan to reform the Lone Star State’s property tax system to provide homeowners with more relief.
The Republican governor makes the property taxes revising a key platform plank for his re-election campaign as he seeks a fourth term.
Announcing the plan Wednesday at a Taxpayer Empowerment event in Houston, Abbott said the five-point plan would impose stricter limits on local government spending, while also introducing stricter caps on property assessments. The plan aims to eventually eliminate school district property taxes for homeowners.
THESE STATES ARE CONSIDERING PROPERTY TAXES FOR HOMEOWNERS
Texas Governor Greg Abbott has rolled out a five-point plan to reform Texas’ property tax system. (Brandon Bell/Getty Images)
The governor’s plan limits local government spending growth to population growth plus inflation or 3.5%, whichever is lower, according to a report by FOX 7 Austin.
Abbott’s proposal would also raise the bar for local property tax increases by requiring two-thirds voter approval for all voters. local property tax increases before they can come into effect. That would replicate a supermajority demand for some property tax increases at the local level statewide.
Voters would also have a say in rolling back property taxes that have been enacted, and a pillar of the governor’s five-point property tax plan would allow 15% of voters in a given jurisdiction to sign a petition reversing the vote.
THESE 10 STATES OFFER THE BIGGEST TAX SAVINGS FOR US HOMEOWNERS
Texas has seen a surge in the number of Americans moving to the Lone Star State from other parts of the country, boosting housing construction in areas like Austin. (Jordan Vonderhaar/Bloomberg via Getty Images)
Abbott’s plan would also reform the way reviews are handled Texas by requiring properties to be assessed once every five years instead of annually, which he said would make it easier for homeowners to predict their property taxes from year to year.
His proposal would lower the cap on home appraisal increases from 10% per year to 3%, while also applying appraisal caps to all properties, including rental and commercial properties. Under current legislation, home valuation increases are limited to 10% per year.
WALL STREET’S TEXAS MOVE GAINS STEAM AS NYSE TEXAS REACHES 100 COMPANIES MILESTONE
Abbott’s proposal would give voters a say in rolling back property taxes. (Jordan Vonderhaar/Bloomberg via Getty Images)
The fifth item in Abbott’s plan would allow voters to weigh in on a constitutional amendment that would eliminate property taxes for homeowners in school districts and make the state fully fund public education, a measure the governor said would cut property taxes in half.
The governor plans to push his property tax plans through a statewide campaign as voters consider their tax burden in advance this fall’s electionsreports FOX 7 Austin.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
