The Texas Legislation has just passed a new property tax relief plan. What could it mean for the residents of El Paso?
Newly-Approved Property Tax Relief, How Could It Affect El Paso? El Paso Times Reports
In a second special session, the Texas Legislature passed two proposals that might result in extensive property tax relief for residents all around the state. SB 2 and SB 3, which were both coauthored by state senator César Blanco, were approved by the Texas Senate and are anticipated to provide property tax relief to Texans amounting to $18 billion.
Last July 13, the House passed its property tax relief legislation. Now that Governor Greg Abbott has received the tax relief plan, he is expected to sign the property tax relief into effect. Abbott promptly ordered lawmakers back to Austin for another round of talks following the first special session, which was scheduled soon after the regular session finished and failed to produce a solution to the state’s increasing property taxes.
More On The Texas Property Tax Relief, Yahoo News Reports
Texas has seen an increase in property taxes over the previous few years; according to a recent analysis by the Texas Comptroller’s Office, property tax income increased by more than $20 billion between 2018 and 2021. According to Blanco, the legislature’s last-week decision represents the greatest reduction in Texas property taxes in history.
As many as 60,000 homeowners in Blanco’s Senate District 29, which includes El Paso to the Big Bend and Permian Basin areas, “could pay zero dollars in school property taxes” as a result of the expanded homestead exemption, the senator said. He added that this could be a big win for Texans.