Meyer’s omnibus property tax bill and two other measures carrying out the relief deal are expected to hit the House floor Thursday.
While the House wasn’t able to persuade senators to tighten to 5% an existing appraisal limit of 10% on homesteads and apply the annual cap on taxable values to all real estate, Phelan won a “circuit breaker” experiment that should help small businesses, Cook said. Turner, the Tarrant County Democrat, said the deal’s 150% increase in mandatory homestead exemptions on school taxes is attractive.At the insistence of Patrick, the package would take the exemptions, which remove a set dollar amount of value from being taxed, to $100,000, from $40,000 now. The increase to the homestead exemption would save the average Texas homeowner nearly $700, according to the author of the identical proposal in the Senate.
“Like what planet do you live on?” said Democrat Rep. Gene Wu, who said renters comprise 85% of his Houston constituents. “You think that a landlord is going to reduce rent, right, because of a small property tax decrease?”“Everyone’s taxes will go down, and so those who own rental homes or others, they will see their tax rate go down and therefore they will be able to pass that on to their renters,” he said.
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