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The Impact of the New Property Tax Reduction Proposal on Small Businesses

Impact of new property tax reduction bill to small businesses (Photo: iStock)

For typical homesteads, proposed property tax reduction predict a 40 percent savings rate.

Property tax reduction proposal and its impact to small businesses (Photo: Lamudi)

Smaller enterprises can nevertheless demonstrate economic development under the concept of this new property tax reduction proposal.

In a recently published article from Texomas, currently, the businesses’ school tax would be reduced by 10.7 per 100 dollars. Additionally, a 20 percent tax cap would apply to the majority of the local enterprises in line with this new property tax reduction proposal.

According to Mark Bruce, a private tax appraiser, “It’s for businesses with $5 million and below in total value, which is going to be a majority of the properties in Wichita County.” “So the property tax reduction proposal will be good for us.” Another amendment to this suggested method enables medium-sized firms to make extra financial savings from this new property tax reduction proposal.

Businesses would be able to earn twice as much money before having to pay the franchise tax. By doing this, this category of small to medium-sized firms would lose about 67,000 of them.
According to Bruce, there would be a larger exemption for companies with yearly revenues under $2.47 million. “On that, there will be a franchise exception with this new property tax reduction proposal.

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The first section of the bill on property tax reduction also includes a raise from 1.23 to 2.47.

In a published article from Texomas, Lisa Sheppard-Musick, the chief appraiser for Wichita County, supports this legislative move on property tax reduction because it has the potential to have enormous advantages.

They will see considerable reductions in their school taxes, and I believe everyone is pleased with this bill on property tax reduction, said Sheppard-Musick. “I believe that you should vote yes in November if that is what you want to happen. I don’t support that. In both cases, I swear. Although it’s your choice, I think the majority of property owners would prefer to see that.

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