Texas lawmakers reach property tax cut deal. What it could mean for your tax bill

Eleanor Dearman
·1 min read
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A deal has been reached for property tax cuts, Lt. Gov. Dan Patrick and House Speaker Dade Phelan announced Monday.

The leaders and their chambers have been at odds for months over the best way to deliver Texans property tax relief, with a regular and special session ending with no deal. The Republican lawmakers said Monday a compromise has been reached that includes both an increased homestead exemption and money to fund schools so districts can lower the tax rates for home and business owners.

The deal includes:

  • More than $12 billion to reduce school property tax rates for “all homeowners and business properties.”

  • A $100,000 homestead exemption.

  • “Non-homesteaded properties, valued at $5 million and under, including residential and commercial properties, will receive a 20% circuit breaker on appraised values as a 3-year pilot project.”

  • Savings on franchise tax for small businesses.

  • New elected positions on local appraisal boards.

The full text of the deal was not immediately available Monday. The chambers are scheduled to next meet Tuesday.

The measures in the deal will likely be subject to voter approval on the November ballot.

This is a developing story. Check back for updates.