The Texas Senate passed a slate of property tax relief bills with unanimous support on Wednesday.
Senate Bills 3, 4, and 5 were advanced by the Senate on March 22 with no dissenting votes, heading now to the House. SB 3 would increase the homestead exemption to $70,000, while SB 4 compresses school tax rates and SB 5 provides business property tax exemptions.
Lt. Gov. Dan Patrick, who leads the Senate, heralded the bipartisan passage in a statement sent to The Dallas Express, taking the opportunity to highlight his efforts to reduce Texans’ property tax burdens.
“Texas’ budget windfall is due to the hard work of Texans and our strong and growing economy,” he said. “Since the Comptroller stated in 2022 that Texas would have a budget surplus for the 2022-2023 biennium, I have been very clear that a significant chunk of that surplus must be returned to the taxpayers before committing to any new spending.”
“As a Senator and Lt. Governor, it has been my mission to reduce and reform the property tax system for all Texans,” Patrick added.
Regarding SB 3’s further increase of the homestead property tax exemption, Patrick noted, “In 2015, I led the charge to increase the Homestead Exemption from $15,000 to $25,000. In 2021, we increased the Homestead Exemption to $40,000.”
“This year, we are increasing the Homestead Exemption to $70,000, and for the over 2 million homeowners over the age of 65, the exemption will be $100,000 … This will save homeowners thousands of dollars over the lifetime of their mortgage.”
“Today, I am proud that the Texas Senate has passed this landmark $16.5 billion tax relief package for Texans, the largest in history,” the lieutenant governor added.
“This historic $16.5 billion tax relief package is responsible and does not trade Texas’ future for a better today,” he concluded. “Senate Bills 3, 4, and 5 decrease the size of government and ensure that Texas moves forward conservatively and on stronger economic footing.”
Despite the unanimous agreement in the Senate, some activists for fiscal reform expressed disappointment with the proposals, claiming that they will be ineffectual in the long term, as reported by The Dallas Express.
Tim Hardin, the president of Texans for Fiscal Responsibility, explained to The Dallas Express, “although we support any property tax relief we do not feel as though the Senate package goes far enough.”
“There is a 32.7 billion dollar surplus and they are only using about a third of that right now,” he continued. “We would like to see property taxes be put on a path towards elimination.”
Similarly, Noah Betz, the executive director at the Huffines Liberty Foundation, explained to The Dallas Express, “We strongly believe this package falls short of being real property tax relief.”
The three bills will now make their way to the House and await debate and approval.
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Similarly, Noah Betz, the executive director at the Huffines Liberty Foundation, explained to The Dallas Express, “We strongly believe this package falls short of being real property tax relief.”
I agree.
People do not own their real estate. They rent it.