In a landmark move, the Texas GOP lawmakers have reached an agreement on a monumental property tax cut. Carter Signature Properties is here to help you understand what this means for homeowners and property investors in Texas.
 The $18 billion compromise, which includes over $5 billion approved for property tax relief in 2019, is set to lower taxes for the state's 5.7 million homeowners and implement a temporary cap on appraisal increases for some non-homesteaded properties. This agreement is a significant step towards fulfilling Governor Greg Abbott's campaign promise of returning at least half of the largest budget surplus to property taxpayers.
 The legislation, expected to be passed this week, allocates about $12.6 billion to reduce the school property tax rate by 10.7 cents per $100 valuation for homeowners and business properties. It also includes an increase to the state's homestead exemption from $40,000 to $100,000, providing additional relief for seniors and property owners with disabilities.
 State Senator Paul Bettencourt, the author of the Senate bill, stated that the deal would save the average homeowner about 41.5% on property taxes each year, or an average of about $1,300 per year. This is a significant win for all residential and commercial real property owners.
 Another part of the plan, referred to as a "circuit breaker" program, would institute a three-year, 20% cap on appraisal increases for commercial and non-homesteaded properties valued at $5 million or below. This program aims to prevent property taxes from causing financial strain, although it does not specifically target lower-income taxpayers.
 The new property tax relief bill, a franchise tax relief bill, and the constitutional amendment required to enact the cuts were filed recently. The deal marks the end of a stalemate among the state's top Republicans that lasted nearly seven months as they debated over how to allocate $12.3 billion in new tax breaks budgeted by lawmakers earlier this year.
 At Carter Signature Properties, we understand that these changes can be overwhelming. Our team of experienced real estate professionals is here to help you navigate these changes and understand how they can impact your property investments. Whether you're a homeowner or a property investor, we're committed to providing you with the information and resources you need to make informed decisions.
### [Cathy Carter](https://www.cartersp.com/agents/1258262/Cathy+Carter)
Born in Honolulu, Hawaii, and raised in Keller, Texas, I purchased my first home in Roanoke. As the Broker and Founder of Carter Signature Properties, I bring over 15 years of Fortune 500 management e....
- [](https://www.facebook.com/Carter.Signature)
- [](https://www.instagram.com/cartersignatureproperties/)
- [](https://www.pinterest.com/cartersignatureproperties/)
- [](https://www.twitter.com/CarterSignature)
- [](https://youtube.com/@cartersignatureproperties?si=LcWETlYeyx1pG839)
- [](https://www.linkedin.com/in/carter-signature-properties/)
Login To Leave A Comment
