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At a ceremony in Denton, Texas Governor Greg Abbott signed the new property tax relief bills into law.
"No state in the history of America has devoted such a large percentage of their budget to tax relief, in the United States of America" Abbott said during the news conference.
SB 4, and SB 23 authored by Senator Paul Bettencourt (R-Houston) and led in the Senate by Lt. Gov. Dan Patrick, along with HB 9, authored by Chairman Morgan Meyer (R-Dallas) and sponsored in the Senate by Sen. Bettencourt. These reforms are expected to deliver meaningful tax relief statewide to homeowners, seniors, and small business owners and will take effect pending voter approval in the November 2025 constitutional amendment election.
“SB 4 and SB 23 builds on the 2023 momentum of the largest property tax cut in U.S. history, a record-breaking $22.7 billion, with targeted exemptions to help millions of Texans, from first-time homebuyers to seniors on fixed incomes.” said Bettencourt. “$484 per year for 5.7 million homeowners and over $950 for seniors and the disabled. Add HB 9, small business owners too see an average savings of $2,500 annually! That’s real money.”
“The Senators and our House colleagues from both sides understand when increased homestead exemption and more compression are combined, Texans receive maximum tax relief benefit.” said Lt. Governor Dan Patrick in press conference regarding the passage of the Senate’s priority property tax relief legislation. “These bills combined with the historic $22.7 billion tax cut, Texas homeowners will see a total average reduction of $1,762.87.
“Texans have approved increased homestead exemptions in 2015, 2022, and 2023,” said Bettencourt. “This bill package is no different, this will help millions of Texans stay in their homes, let seniors age in place, and allow others to grow their businesses for generations to come.”