Texas House Speaker Dustin Burrows (R) is pushing for expanded property tax relief, supporting two legislative proposals aimed at reducing tax burdens on homeowners and small businesses across the state.
The proposed bills, House Bill 8 and House Bill 9, introduced by Ways and Means Committee Chairman Morgan Meyer (R), would deliver significant tax cuts.
House Bill 8 focuses on rate compression, reducing property tax rates across the board, and House Bill 9 proposes increasing the personal property tax exemption for small businesses from $2,500 to $250,000, which is a nearly 10,000% increase. If passed, this would become the second-largest exemption of its kind in the country.
Speaker Burrows emphasized the potential economic benefits of the effort, stating that “this session, the Texas House is taking action to reduce Texans’ property tax burden and keep our state the best in the nation for starting and growing a business." "Raising the personal property tax exemption by nearly 10,000% would be a monumental win for Texas businesses, freeing up funds for business owners to reinvest in the growth of their companies on top of the potential savings provided by buying down property tax rates for all property owners statewide," he added.
As Texas’ economy continues to grow, supporters believe that these tax reforms would provide critical financial relief, making the state even more attractive for businesses and families. House Bill 9’s exemption increase would particularly benefit small businesses, allowing them to save money and reinvest in expansion, hiring, and innovation.
The bills are expected to create tension in the Texas Senate, but Burrows remains confident that lawmakers will come together to support Texans. “I appreciate Chairman Meyer for filing these proposals – the House looks forward to working with our colleagues in the Senate to deliver the relief Texans deserve this session,” Speaker Burrows praised in a statement.
The effort comes as Texans and Texas Governor Greg Abbott (R) have highlighted affordability in the Lone Star state.
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