Governor Abbott signs SB 2 and SB 3: Property Tax Relief
Governor Abbott, Lt. Gov Patrick, and Speaker Phelan embark on state signing tour of SB 2 & SB 3, touting largest tax cut in Texas history. Coming to Montgomery County August 9th.
August 4, 2023 | Austin, TX
The Governor signed SB 2 and SB 3 on July 22nd. HJR 2 will enable the 2 bills, pending approval from voters on the upcoming November ballot.
SB 2 increases the homestead exemption, currently at $40,000, to $100,000 while using about $7 billion of state surplus to buy down school property taxes. SB 3 increases the franchise tax exemption from $1 million to $2.47 million.
While the Texas leadership trio calls SB 2 the largest property tax cut in Texas history, others disagree. According to Texans For Fiscal Responsibility, “the amount looks to be only about $12.7 billion in new relief (an additional $5.3 billion to maintain past relief was passed in HB 1 budget) of the at least $33 billion surplus. And given that the largest property tax cut was $14.2 billion for 2008-09, the state would need to provide $21 billion in new relief this time for it to be the largest tax cut in Texas history, so Texans could have the same purchasing power of relief as they had then.”
The Governor, Lt. Governor, and Speaker are touring the state promoting the signing of the laws by the Governor. They will be coming to Montgomery County on August 9th at 1pm to The Atrium Center in New Caney. Tickets are free and can be reserved here.