State lawmakers pass property tax relief

Olney’s state lawmakers expressed pride and relief at the Legislature’s passage last week of a historic property tax relief bill.

The rancorous negotiations over two special-called sessions saw Gov. Greg Abbott veto more than 70 bills passed by the Legislature to pressure lawmakers to pass the relief package aimed at remedying some of the highest property tax rates in the nation.

“It was an exciting week at the Texas Capitol,” Sen. Drew Springer, R-Weatherford, said in a statement. “The Texas Legislature passed an $18 billion property tax relief plan - the large property tax relief cut in history.”

The relief package consists of three bills: Senate Bill 2 describes

BY GINA KEATING | EDITOR

the property tax cuts; Senate Bill 3 cuts the franchise tax; and House Joint Resolution 2 consists of a constitutional amendment required to authorize the tax cuts.

“As a co-author for SB 2, SB 3, and HJR 2, I’m proud to have played a role in delivering the largest property tax cut in Texas history,” Rep. David Spiller, R-Muenster, said. “I remain committed to prioritizing policies that help further alleviate the burden property taxes place on Texas taxpayers.”

Homeowners will see an estimated $1,266 to $1,312 in savings, while seniors will see an estimated $1,436 to $1,482 in savings, Sen. Springer said. SB 2 increases the homestead exemption from $40,000 to $100,000 for homeowners under age 65 and to $110,000 for homeowners over 65. It reduces school district maintenance and operations tax rate for homeowners and business properties by 23.8 percent and implements a three-year pilot program for non-homesteaded properties such as ranches and vacation homes valued at $5 million and under to limit increases in their appraised value.

The bill also creates three positions for citizens to serve on their local appraisal board in counties with a population over 75,000 to increase citizen participation and oversight of the appraisal process, Sen. Springer said.

SB 3 increases the franchise tax exemption from $1.235 million to $2.47 million, which removes 67,000 small and medium- sized businesses from the franchise tax rolls.

“This plan helps our momand- pop businesses keep their hard-earned money,” Sen. Springer said.

The constitutional amendment to increase the property tax exemption will appear on Texas ballots in November.

If voters approve it, homeowners will see their property tax savings in effect for the 2023 tax year, which is typically due by Jan. 31, 2024, Sen. Springer said.

Rep. David Spiller Sen. Drew Springer