Sen. Bettencourt's Property Tax Cut Bills, Texas' Largest in History, Pass Senate Unanimously

"5.72 million Texas homesteaders WIN – with eye-popping 41.5% average savings of $1,373 year after year!” says Bettencourt 

Texas Insider Report: AUSTIN, Texas – Senator Paul Bettencourt, along with all 30 of his fellow State Senators as co-authors, have passed out of the Texas Senate the largest property tax cut in Texas history – a record $18 billion dollar Property Tax Relief Plan known as SB 2 & SB 3,

After both pieces of legislation were passed out of the Senate Finance Committee chaired by Senator Joan Huffman (R-Houston) on a 14-0 vote, the Texas Senate passed SB 2 & SB 3 unanimously on a 31-0 bipartisan vote.
 

• READ MORE HERE:  After Lt. Gov. Patrick, Speaker Phelan Announce Agreement, Bettencourt Files Largest Property Tax Cut Bill in Texas History
  • "TAXPAYERS WIN! All residential & commercial real property taxpayers WIN! 5.72 million Texas homesteaders WIN – with average savings of $1,373 year after year!” 

SB 2 & SB 3 have now been sent to the Texas House of Representatives for consideration.

The Constitutional Amendment for SB 2 & SB 3 has been filed as a House Joint Resolution, HJR 2 by primary author Representative Will Metcalf (R-Conroe).
 

• Click here to watch Senator Bettencourt’s comments on the Senate Floor after passage of SB 2 & SB 3

Senate Bill 2 contains:
 

• Increase Texas homestead exemption to $100k on 5.72 million Texas homeowner’s ISD property tax bills, effective on this year’s property tax bill.
• $7 billion worth of MCR compression of ISD M&O property tax rate cuts of 23.8% on 10.7 cents.
• Non-homesteaded real property valued at $5 million and under will receive a 20% circuit-breaker on appraised value increases as a 3-year pilot project.
• Three county citizens will be elected county-wide to each County Appraisal Districts (CAD board) of directors in non-partisan positions. The CAD board of directors will now select Appraisal Review Board (ARB) members, in each county of 75k population or greater.
• School districts are held harmless on these changes with $642 million in additional I&S monies.

Senate Bill 3 contains:
 

• Double the franchise tax exemption to 2.47 million from 1.235 resulting in an estimated 67k businesses no longer paying a franchise tax. Represents 40% of those that pay this tax.
• Eliminate a “nuisance-tax” for 1.7 million taxpayers filing the no-tax-due forms for franchise taxes.

The bills have moved to the Texas House, where Speaker Dade Phelan (R-Beaumont) has referred them to the House Ways & Means Committee chaired by State Rep. Morgan Meyers (R-Dallas.)