June 13, 2019 Comments Off on Texas Governor Signs Property Tax Reform Legislation; Municipalities Aren’t Happy Views: 1071 Texas News, Top Texas

After time and energy spent on hammering out a viable property tax reform bill during the recent 2019 Texas Legislature session, Governor Greg Abbott signed Senate Bill 2 into law. The legislation is meant to slow the growth of property tax bills. Additionally, requirements focus on ensuring that tax rates and other information be posted in an online database, to provide greater understanding for taxpayers.

But cities, counties and other taxing entities aren’t happy, because of one provision. This requires that elections need to be held if agencies want to raise property tax revenue 3.5% higher than that of the previous year. Municipal leaders believe that the 3.5% election trigger will put a crimp on budgets and hamper efforts to provide public services.

State leaders, however, suggest that the new law will tame property tax growth, while updating a growth rate, set during period of high inflation.

Read more at Texas Tribune

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Tags: Politics

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Texas Governor Signs Property Tax Reform Legislation; Municipalities Aren’t Happy

Amy Wolff Sorter