Republican Leaders remain undecided after five (months) of discord and a short special session about who is the best and most impressive proposal to lower the taxes.
Tax Property Relief: Who’s Proposal Do You Think Will Win? (PHOTO: Yahoo News)
Tax Property Relief: Who’s Appeal Do You Think Will Win?
After five (5) long months of discordance and short-live special sessions made by the top Republican leaders, they are still undecided about who will be the best and most impressive proposal to lower property taxes. The are two competing proposals that made the Republican leaders undecided, these are the Tax Rate Compression and Homestead Exemption Increase. Who do you think will win?
Tuesday, the Texas House passed legislation which is the Tax rate compression where to spend $12.3 billion on “compression.” It means that the state would cut down some school district property tax rates and some tax bills to taxpayers. The House plan would probably lower about $17.6 billion in local tax rates.
This plan was passed down by the House with the endorsement of Greg Abbott and more than 30 business groups. Director of the National Federation of Independent Businesses Annie Spilman released a statement that this proposal would be a big help to the taxpayers, those small business owners, renters, and house owners will probably get the relief that they deserve.
READ ALSO: $16.5B Property Tax Reform Bills Unanimously Pass By The Texas Senate
Tax Property Relief: Which Proposal Is The Best?
On the other hand, Tuesday, Texas Senate unanimously passed legislation offering some tax compression called the Homestead exemption increase. This means that the total amount of your home’s value can be deducted from your taxable value. They argue that this proposal prioritizes homeowners rather than those renters and small business owners. State Sen. Paul Bettencourt said that this proposal would probably save the average homeowner $2,500 over two years.
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