Taxpayers save Billions with SB's 3,4, & 5 that will be heard in the Senate Finance Committee
Texas Insider Report: AUSTIN, Texas – Texas State Senator Paul Bettencourt (R-Houston) was set to explain in detail the Senate’s unprecedented $16.5 billion Property Tax Relief Bills in the Senate Finance Committee Hearing today, March 15th, 2023.
“The Senate Property Tax Plan is eye-popping for 5.72 million Texas Homesteads – saving nearly $800 per year. All 31 Texas Senators signed onto SB 3, and with SB 3's Homestead Exemption increase to $70,000, we just tripled the over-65 and disabled Homestead Exemption to $30,000, too!” said Bettencourt (right.)
- The hearing began at 9:00 a.m, and may be watched in its entirety HERE.
“This $100,000 exemption in total – for our seniors that have paid a lifetime of taxes – saves them over $1,000 per year,” added Senator Bettencourt.
SB 4, also by Bettencourt, will provide an additional $5.38 billion in ISD Tax Rate "compression," and will reduce recapture by expanding the school finance band to 20%.
Rate compression benefits all taxpayers and reduces recapture by funding additional Maximum Compressed Rate (MCR) compression in School Finance by the state, continuing to pay for property tax relief above a 2.5% rollback threshold.
“The local taxes fill the bucket, and if it is not enough, the state fills in the rest,” said Senate Finance Chair Joan Huffman (R-Houston).
SB 5 by State Senator Tan Parker – the final element in the Senate's Plan – will create an "Inventory Tax Credit" totaling $1.05 billion. First, SB 5 will raise the Business Personal Property Exemption to $25,000 from $2,500 – saving Texas taxpyers $450 million. It will also cut business compliance costs, therefore saving businesses more money.
“I’m very excited to unveil this package to help Texas businesses. Just like we are taking care of the people of Texas with regard to property tax, we need to also address the business side of the equation and I’m very proud to do that here today,” said Senator Tan Parker (at right, R-Flower Mound) about SB 5.
On Tuesday, March 14th, Lt. Governor Dan Patrick and Senator Bettencourt held a press conference on SB 3, 4 & 5 with Senator Tan Parker, Senate Finance Chair Joan Huffman, Senator Charles Perry, and Senator Kevin Sparks.