On Wednesday, Gov. Greg Abbott ceremonially signed the Texas Legislature’s property tax relief package alongside Lt. Gov. Dan Patrick and House Speaker Dade Phelan.
“I said that this session, we would cut taxes by $15 billion,” said Abbott on Wednesday. “Well, because of the work put in by Lt. Gov. Patrick, Speaker Phelan, and members of the Texas Legislature, they were able to do even more. The laws I’m about to sign provide for $18 billion in tax cuts.”
Texans for Fiscal Responsibility President Tim Hardin was quick to refute Abbott and Patrick’s claims:
Abbott saying this is the largest in history at $18B is deceptive. It’s only $12.7B. It’s sad politicians have to be deceptive for no reason.
“While most property owners will see at least some tax relief, this number, unfortunately, falls short of actually being the largest property tax cut in Texas history, with the first-place spot going to relief passed in 2008,” according to TFR’s political director Andrew McVeigh.
Abbott ceremonially signed Senate Bill 2 and Senate Bill 3, both authored by State Sen. Paul Bettencourt (R–Houston), but Proposition 4 on the November ballot must be approved by Texas voters to implement the legislation.
The measures are meant to increase the homestead exemption from $40,000 to $100,000, but McVeigh predicts that “without spending or revenue caps on local governments and schools, much of the relief that homeowners experienced from the $100,000 homestead exemption will slowly evaporate over the next several years as inflation and appraisals rise.”
Nevertheless, Bettencourt said the package is “simply the largest tax cut in the world.”
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