Governor Greg Abbott today ceremonially signed legislation delivering the largest property tax cut in Texas history—$18 billion—passed during Special Session #2 of the 88th Legislature in New Caney. The Governor was joined at the historic bill signing by Lieutenant Governor Dan Patrick, Speaker Dade Phelan, Senator Paul Bettencourt, Representative Morgan Meyer, and other members of the Texas Legislature.
"Today, I am signing a law that will ensure more than $18 billion in property tax cuts—the largest property tax cut in Texas history," said Governor Abbott. "If passed by voters this fall, Texas homestead exemptions will rise to $100,000, senior homeowners will be protected from being priced out of their home, the small business exemption for the Franchise Tax will double, and Texas small businesses will be protected from excessive appraisal increases. None of these monumental changes could have been accomplished without the hard work of Lieutenant Governor Patrick and Speaker Phelan. We all came together to offer Texans the property tax relief they so desperately deserve, and I am proud to sign these new laws today."
In his 2023 State of the State address, Governor Abbott made cutting property taxes for Texans an emergency item for the 88th Legislature. Under Senate Bill 2 and Senate Bill 3, $18 billion of Texas' historic budget surplus will be allocated toward driving down school district property tax rates, increasing homestead exemptions for Texas homeowners, and...
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