The 79th Texas Legislature is in session. And Texas lawmakers are once again grappling with the important issue of how to equitably pay for our children’s education.
Truth is, Texas property owners have been paying more than our fair share for far too long. How do we ensure our children's future and the future of Texas, while giving property owners much-needed tax relief? Fortunately, Texas legislators have already taken two big steps toward solving these problems by passing House Bill 2 and House Bill 3.
HB 2 provides $3 billion in additional funding for Texas public schools, but with new accountability measures in place. HB 3 cuts school property taxes by one-third. That's not only good news for property owners, it also means positive things for our state's economy. In addition, SB 1351, which reforms the appraisal review process; and HB 1006, providing truth in taxation for local taxing entities, are also important components of real property-tax reform.
The Texas Association of REALTORS® supports property-tax relief, but does not support new taxes and fees that single out the most steady contributor to our economy: real estate. We oppose measures that would diminish real estate’s contributions to the Texas economy or increase the cost of homeownership in the state. Texas already lags four points behind the rest of the country in homeownership levels, 64% to 68%. More precisely, Texas ranks 45th out of 50 states in homeownership.
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