Top officeholders join together in push for funding solution
AUSTIN — Gov. Greg Abbott, Lt. Gov. Dan Patrick and House Speaker Dennis Bonnen on April 10 released a joint statement promoting a twofold method for the 86th Texas Legislature to curb property tax increases across the state.
“Texans are fed up with skyrocketing property taxes. At the beginning of the legislative session, the governor, lieutenant governor and speaker laid out an agenda for property tax relief through the passage of Senate Bill 2 and House Bill 2 to limit property tax growth,” the state’s top officeholders said.
SB 2 and HB 2, the notyet-approved property tax reform bills, would reduce the revenue growth increment used for determination of the rollback tax rate from 8.0 percent to 2.5 percent for taxing units other than small taxing units unless the voters in a small taxing unit election decide to opt-in to the proposed new voter-approved tax rate procedure. The goal of both pieces of legislation is to reduce tax revenues for local taxing units and increase costs to the state through revised formulas for education funding.
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