Lawmakers in the Texas House and Senate have reached a deal to lower property taxes for Texans, according to proponents from both chambers. The agreement, announced on May 5th, includes increased tax breaks for homeowners, larger cuts for elderly and disabled homeowners, and an expanded inventory tax exemption for businesses.
The proposed tax-cut package requires approval from both the House and Senate. This tentative agreement marks a significant shift from previous disagreements over tax cuts. Key proponents, Senator Paul Bettencourt and Representative Morgan Meyer, have expressed support for each other's proposals, indicating a strong likelihood of passage.
Texas lawmakers plan to allocate $51 billion to property tax cuts over the next two years. However, concerns have been raised by state budget watchers and some Republican lawmakers regarding the long-term affordability of these tax cuts. The final details of the plan are still being finalized.