Texas Governor Greg Abbott (R) took to social media to celebrate when he signed S.B. 2 and S.B. 3, effectively ushering the largest property tax cut in Texas history.
“Largest property tax cut in Texas history
In 2023, Texas delivered over $18 BILLION in property tax cut relief for hardworking Texans.
I was proud to sign this into law and to see Texas voters overwhelmingly approve it in the November elections,” tweeted Gov. Abbott.
Largest property tax cut in Texas history ✅
In 2023, Texas delivered over $18 BILLION in property tax cut relief for hardworking Texans.
I was proud to sign this into law and to see Texas voters overwhelmingly approve it in the November elections. pic.twitter.com/oJzSC9XxAH
— Greg Abbott (@GregAbbott_TX) December 27, 2023
In August 2023, the Texas governor signed Senate Bills 2 and 3 which passed during Special Session #2 of the 88th Legislature in New Caney.
"Today, I am signing a law that will ensure more than $18 billion in property tax cuts—the largest property tax cut in Texas history," said Gov. Abbott in August.
"If passed by voters this fall, Texas homestead exemptions will rise to $100,000, senior homeowners will be protected from being priced out of their home, the small business exemption for the Franchise Tax will double, and Texas small businesses will be protected from excessive appraisal increases.”
“None of these monumental changes could have been accomplished without the hard work of Lieutenant Governor Patrick and Speaker Phelan. We all came together to offer Texans the property tax relief they so desperately deserve, and I am proud to sign these new laws today,” concluded the Texas governor.
According to Gov. Abbott’s statement, S.B. 2, which was co-sponsored by State Senator Paul Bettencourt and Representative Morgan Meyer, provided “property tax relief through tax rate compression, an increase in the homestead exemption, and a pilot project limiting the growth in appraised values.”
Moreover, S.B. 3, cosponsored by State Sen. Bettencourt and Representative Charlie Geren, increased “the Franchise Tax “no tax due” threshold to $2.47 million and removed burdensome filing requirements for those who do not owe tax.”
The bill received much adulation from fellow Texas Republican Congressmen. Texas Lieutenant Governor Dan Patrick (R) shared his approval of the large tax cut for the Lone Star state.
“The signing of this Texas-sized tax cut, the biggest property tax cut in history, is a massive victory for all 5.7 million Texas homeowners,” said Lieutenant Governor Patrick.
“The combination of compression and the $100,000 homestead exemption is a powerful one-two punch that will cut school property taxes for the average priced home by $1,250 to $1,450 every year on their homesteaded property.”
