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Senate Bill 6 was filed by Sen. Bryan Hughes, R-Mineola, in an effort to skirt a handful of lawsuits that could delay the implementation of changes approved by Texas voters in last month’s constitutional amendment election.
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Republicans want to cap property value increases each year, while Democrats want to shift the tax burden away from residential homeowners to businesses and farms. But a tax expert argues both may be too wide-reaching
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The deal would channel $12 billion to reduce the school property tax rate for homeowners and business properties, increase the homestead exemption, and create a pilot program to reduce taxes on certain residential and commercial properties. The legislation is expected to pass later this week.
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The governor says other issues aren’t as important as breaking a House-Senate stalemate over the best course on reducing property taxes.
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The bill, revised after criticism that its restrictions could exacerbate anti-Asian hate, allows U.S. citizens and lawful residents from China, Iran, North Korea, and Russia to buy homestead property. Companies and governments from these countries could not buy real property.
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The chamber will likely have to negotiate with the House over key differences in their spending plans, namely how to lower property taxes.
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Lieutenant Governor Dan Patrick and Senator Paul Bettencourt signaled potential friction with the House over the lower chamber’s proposal to use an appraisal cap to hold down property tax growth.
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State tax systems are usually looked at as a three-legged stool — property taxes, sales taxes and personal income tax. In Texas, our “stool” only has two legs.
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The measures will provide limited property tax relief, but the vote comes after recent tax appraisals gave Texas homeowners sticker shock.
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During this year’s legislative session, Fort Worth Mayor Betsy Price was among scores of city leaders who actively opposed yet another series of...