A new property tax relief plan with thousands of dollars in additional payments for teachers over a two-year period was unanimously approved by Texas senators. It took place on Wednesday as their second special session got underway.
Additionally, Lieutenant Governor Dan Patrick informed senators that he will meet with House Speaker Dade Phelan next week, which may be a sign of progress in resolving the month-long deadlock between Republican leaders. “I texted him to let him know that a face-to-face meeting is the best approach to address this. They have reacted and are eager for a meeting.
Teacher Payment Included In Property Tax Relief
The increased teacher payments were included in an amendment to the property tax relief package put up by Democratic State Senator Roland Gutierrez of San Antonio, which is not a wage increase.
In school districts with more than 20,000 students, it offers instructors an extra $2,000, while in areas with fewer than 20,000 students, it gives teachers an extra $6,000 every year.
The measure, which would run the state $3.2 billion, was adopted and signed by the other 30 senators. The funding will come from the state’s excess of close to $33 billion.
“I want everyone in Texas to know that we all sat up front with the president’s leadership,” Gutierrez said. We sorted out all the discrepancies; it took us an hour and a half to two hours. The law also reduces property taxes by a total of $18 billion. Homestead exemptions for homeowners would increase to $100,000.
The majority of homeowners will save close to $2,600 over the first two years, according to senators, and those over 65 will save close to $3,000 over the first two years.
Additionally, the law doubles the amount of the business franchise tax exemption to about $2.5 million, exempting 67,000 small enterprises from paying any business franchise tax.
On Wednesday, the Texas House also reassembled, and the House Ways and Means Committee passed a different bill than the Senate. While cutting property tax rates for schools and substituting them with state money, it does not raise the homestead exemption.
Additionally, he wants to set the state on a course to progressively abolish the greatest amount of school property taxes, which is the maintenance and operation element.
Lt. Governor Patrick wants the Senate bill to pass the House. Therefore, we ask our allies in the House to give the bill their full attention. Voters would also need to approve it on election day in November if the House also passes the Senate’s legislation and Gov. Abbott signs it.