AUSTIN (Nexstar) – After a months-long stalemate that led to two special sessions, Texas lawmakers reached a compromise deal on property tax relief. The legislation passed both the House and Senate Thursday evening with near-unanimous support.

It includes a measure to raise the homestead exemption to $100,000, up from the current $40,000 exemption.

The plan includes $12 billion to lower school property tax rates, by having the state pay part of what school districts normally collect from homeowners and businesses.

The compromise plan would cut franchise taxes for small businesses, and non-homestead properties worth $5 million or less would get a break on appraised values under a three-year pilot program.

Texas voters will make the final decision over whether to put the tax relief plan into place. The legislation requires voter approval in a constitutional amendment election to be held in November.

Lt. Gov. Dan Patrick told Nexstar he expects the measures will receive strong public approval and homeowners will see tax savings as soon as this year.

“It’s a long road. We went into the second overtime period. But the truth is no one really has ever done an $18 billion package in the history of the world that I know of for property taxes,” Patrick said. “We got to where we needed to get and when the voters vote this November, the constitutional amendment will take effect this year. They will get the savings this year of $1,250 to $1,450.”

Those numbers are based on an average home value of about $300,000. Under the plan, homeowners will be able to exempt $100,000 of their primary home’s value from property taxes, compared to the current homestead exemption of $40,000. Each school district’s tax rate will also drop due to the state backfilling $12 billion of its maintenance and operations expenses.

While the plan passed the House with near unanimous support, some Democrats pushed back, saying the plan leaves out key groups of Texans.

“The reported property tax deal between the Speaker of the House and the Lieutenant Governor dumps public education, homeowners, and rental households in favor of tax cuts for refineries, skyscrapers, and big business,” said State Rep. John Bryant, D-Dallas, before the vote. “Their proposal abandons entirely the 38% of Texas households who rent.”

Bryant tried to add amendments to include benefits for renters into the bill before the final vote. Those amendments were blocked by House Republicans.

State Rep. Morgan Meyer, chairman of the Ways and Means Committee, echoed Patrick’s sentiments that lower tax rates will force landlords to pass savings on to renters through market forces.