Texas Sen. Paul Bettencourt’s property tax reduction bill was signed into law on Wednesday.
Texas Gov. Greg Abbott signs historic property tax cut bill.
Texas Republican Gov. Greg Abbott signed a bill that cut $18 billion in taxes for Texas property owners on Wednesday.
In Caney, the governor along with Texas Lt. Gov. Dan Patrick (R) and Texas Speaker of the House Dade Phelan (R-Beaumont) gathered as Abbott ceremonially signed Texas Sen. Paul Bettencourt’s (R-Houston) historic property tax relief bill into law after originally signing it in late July.
“There really is only one reason why we even had the ability to pass the legislation that we did, and that’s because of the hard-working men and women across every corner of the entire State of Texas,” said Abbott.
Bettencourt’s SB 2 will increase the homestead exemption to $100,000 for all 5.72 million Texas homeowners. It will also provide relief to seniors and small businesses.
Lawmakers passed the cuts in the last special session. The money comes from a record state revenue surplus.
“A record amount of revenue for the state of Texas, revenue that led to a record budget surplus,” said Abbott. “We know whose money that is; that money is the taxpayers and we are giving it back to the taxpayers of Texas.”
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