Proposition 4 could usher in a bevy of property tax changes. That includes using $12.7 billion from a record state budget surplus to lower school district taxes.
Early voting has begun in the Nov. 7 constitutional amendment election. It includes a proposition that could provide property tax cuts to homeowners and businesses.Early voting is under way for the slew of proposed amendments. Proposition 4 would allow the state to spend $18 billion on property tax cuts for homeowners and businesses, cut school districts’ tax rates and enact other tax changes.
The entire property tax-cut package is $18 billion altogether, but it includes $5.3 billion in cuts lawmakers approved in prior years. If voters approve the constitutional amendment, the state would send $12.7 billion to school districts so they could pay for new cuts to their property tax collections, which make up the bulk of landowners’ property tax bills. Of that, $5.
Cutting Texans’ property taxes was a top priority this year for Republican lawmakers, who pledged to use a record state surplus to deliver relief to taxpayers. After months of GOP infighting over how to achieve those cuts, state lawmakers sent Gov.a $12.7 billion tax-cut proposal in July. Abbott signed the proposal into law, but voters have the final say in whether to cut their own taxes.
Republican lawmakers are betting that the state’s massive economic growth will allow them to maintain the cuts for the time being. Texas Comptroller Glenn Hegar recently projected that Texas would avoid a recession and have an $18 billion surplus when lawmakers return to Austin in January 2025.
If those property owners saw their values hit the 20% limit each year, local governments and school districts could just raise their tax rate to make up for revenue lost to lower property appraisals, said Lynn Krebs, a research economist at the Texas Real Estate Research Center at Texas A&M University — resulting in higher tax rates for all property owners.
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