The propositions on Texas' May 7 ballot would lower property taxes by shifting more public school costs to the state.
“The constitutional amendment authorizing the legislature to provide for the reduction of the amount of a limitation on the total amount of ad valorem taxes that may be imposed for general elementary and secondary public school purposes on the residence homestead of a person who is elderly or disabled to reflect any statutory reduction from the preceding tax year in the maximum compressed rate of the maintenance and operations taxes imposed for those purposes on the homestead.
Bettencourt said he expects increased tax bills for those with homestead exemptions to be in the “single digits.” Homeowners who have a case can alsoThe propositions would not help renters, who have also seen rising housing costs, nor businesses and other property owners becauseProposition 1 would cost the state more than $744 million from 2024 to 2026, according to aProposition 2 would cost the state almost $1.
Bettencourt told The Texas Tribune he believes the state can cover the costs with strong economic growth and revenue from sources such as the state’s sales tax. James Quintero, a policy director for the Texas Public Policy Foundation, a conservative think tank, said the foundation would like to eventually see most school district property taxes eliminated. Thelocal governments should tighten spending, the state should spend more on education and the state should also increase the number of goods to which sales taxes are applied.
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