Good Information from Cheryl Johnson, Galveston County Tax Assessor Collector, on the issue of tax relief.
The Texas House and Senate are split on solving the issue of tax relief. The Senate proposes to increase the school exemption for homesteads to $70,000 (up $30,000) and for seniors and disabled to $30,000 (up $20,000) in SB 3, reducing the ISD tax rate by 7.03 pennies for 2023 in SB 4, increases the exemption for business personal property from $2,500 to $25,000 and provides a franchise tax credit in SB 5.
The House proposes to lower the appraisal cap (from 10% to 5%) and extend it to ALL real property as well as reduce ISD tax rate by 15 pennies in HB 2 (the Property Tax Relief Act).
The Lt. Governor has declared the appraisal cap bill dead on arrival to the Senate and has determined his is the best and only solution. Surely the property owners of Texas deserve at least the chance to vote on whether the appraisal cap should be lowered and extended? Perhaps the House could add the increased exemptions to its proposal? Why not both?
With 2023 appraisal notices out and values continuing to rise, sustainable tax relief will ONLY come with a lower appraisal cap for everyone.