All those state leaders seem to be digging in their heels on property tax reform. Could it be that we'll end up with nothing?
Governor Greg Abbott backed up his threat to veto additional legislation in a bid to force a compromise between the House and Senate amid debate surrounding property tax relief plans, as he rejected four bills on Thursday afternoon.
“As far as a resolution, it’s hard to know where they’re going to strike common ground right now,” he said. Diamond said the chambers' pending compromise will boil down to the only real distinction in the matter: who the lawmakers want to benefit the most from these property tax cuts. Despite the Senate's plan only providing the increased homestead exemption to homeowners, it provides the same $100,000 no matter the cost of the house, according the to lieutenant governor's tweet.
“If I am a homeowner, and my property taxes are capped, and I’m looking at buying a new house, in that process of a home sale, the home will be revalued to its market value,” he said. “So, you can get in a situation where taxpayers and homeowners will choose to stay in their house, instead of moving somewhere else because if they move, they’re going to face a higher property tax.”
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