Texas House Speaker Dustin Burrows has voiced his support for legislation aimed at reducing property taxes in the state by providing billions of dollars to school districts and giving small businesses more tax exemptions. House Bill 8, proposed by House Ways and Means Committee Chair Morgan Meyer, would allocate $3.5 billion to school districts to lessen the tax burden on homeowners and businesses. House Bill 9, also by Meyer, would offer $700 million in tax relief for small businesses by increasing personal property exemptions for items like office furniture and equipment.
Burrows highlighted the importance of decreasing property taxes and supporting businesses in Texas, stating that the House is committed to delivering the relief that Texans deserve. Both the House and Senate budget drafts include funds for property tax relief, but they differ in their approaches, with the House focusing on tax compression while the Senate prioritizes increasing the homestead exemption.
Last session, a similar disagreement between the House and Senate over property tax cuts led to two special sessions before a compromise was reached. Governor Greg Abbott has identified property tax relief and reform as a priority for the current session, directing lawmakers to allocate $10 billion towards cuts and enact laws to prevent local taxing entities from raising rates. The state has already committed to spending $3 billion for tax compression, with additional efforts to further reduce the tax burden on homeowners and businesses. Abbott has not specified a specific plan for returning the funds to taxpayers, leaving the decision to legislators.
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