Texas Senate Introduces $16.5 Billion Property Tax Relief Plan

Texas Republican Lt. Gov. Dan Patrick announced on Tuesday the Senate Finance Committee’s plan to provide billions in property tax relief.
Patrick, along with Republican state Sens. Tom Bettencourt and Tan Parker, introduced Senate Bills 3, 4, and 5 to provide $16.5 billion in property tax cuts. The state is sitting on a record $33 billion budget surplus.
“These are eye-popping off-the-chart numbers of savings that [taxpayers] can realize through the senate plan,” Bettencourt told reporters during a press conference at the Texas Capitol building in Austin.
SB 3 would raise the homestead exemption to $70,000, marking a 75 percent increase over the current $40,000 (pdf). The exemption would reduce homeowner property taxes by an estimated more than $750 annually….}