Major Property Tax Cut Deal Worked Out In Austin

Lieutenant Governor Dan Patrick and House Speaker Dade Phelan say they have reached a deal on property tax legislation. Highlights of the bill include over $12 billion spent on reducing the school property tax rate for all homeowners and business properties. Every homeowner who homesteads their home will get a $100,000 homestead exemption. Non-homesteaded properties valued at $5 million and under, including residential and commercial properties, will receive a 20% circuit breaker on appraised values as a three-year pilot project. The legislation will also include savings on the franchise tax for small businesses and create newly elected positions on local appraisal boards.