As Texas homeowners reel from skyrocketing appraisal values, state lawmakers on Thursday floated ideas to curb their tax bills by using surplus state funds and further restricting the annual growth of a home’s taxable value.
Texas state Rep. Matt Shaheen, R-Plano, speaks with a fellow state representative in the House chamber on the first day of the 87th Legislature's third special session at the State Capitol on September 20, 2021 in Austin, Texas.
The issue has been front and center in recent legislative sessions, particularly in 2019 when lawmakers restricted cities, counties and school districts from collecting more yearly property tax revenue. The legislation has forced local governments to lower their tax rates, slowing the growth of tax bills amid Texas’ booming housing market.
“We don't think appraisal caps that take existing value off the rolls necessarily provide meaningful relief,” said Dale Craymer, president of the Texas Taxpayers and Research Association. “There's a concern that all that does is - with property tax being a zero sum game, if you're going to raise that money from one set of taxpayers, that means it's the other set of taxpayers that have to pay it.
Meyer said he would want the “buy down” tax relief, also known as compression, to remain in effect beyond next budget cycle — though he did not say how the state would cover the continuing cost.
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