Texans have given themselves a property tax break by diverting state tax revenues to fund public schools. But the real test comes when the next oil bust forces lawmakers to choose between funding schools and raising taxes. If history is any indication, it’s the kids who will suffer. For now, Texas property owners can rejoice in knowing their taxes will be lower next year, particularly homeowners, who will see their homestead exemptions rise to $100,000 from $40,000.
Needless to say, that has school administrators worried, and they should be. This is not the first time lawmakers have used state sales taxes to pay down property taxes. Nor is it the first time that school budgets face cuts if the economy slows. Over the past four years, Texas lawmakers have enjoyed substantial budget surpluses, mainly from a booming oil and natural gas industry and a strong economy. Texas charges a 4.
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