State revenue from oil and gas made school tax cuts possible, but a bust could hurt students for years.
Texans have given themselves a property tax break by diverting state tax revenues to fund public schools. But the real test comes when the next oil bust forces lawmakers to choose between funding schools and raising taxes. If history is any indication, it’s the kids who will suffer. For now, Texas property owners can rejoice in knowing their taxes will be lower next year, particularly homeowners, who will see their homestead exemptions rise to $100,000 from $40,000.
Needless to say, that has school administrators worried, and they should be. This is not the first time lawmakers have used state sales taxes to pay down property taxes. Nor is it the first time that school budgets face cuts if the economy slows. Over the past four years, Texas lawmakers have enjoyed substantial budget surpluses, mainly from a booming oil and natural gas industry and a strong economy. Texas charges a 4.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Texas Prop 4: How much homeowners will save under new state tax cutsTexas voters overwhelmingly signed off on a package of property tax cuts Tuesday night.
Read more »
Bobcat boom: Texas State football team ignites community, fanbaseTexas State University is seeing football success for the first time in years, exciting students and alumni alike.
Read more »
Takeaways from Texas A&M Aggies win over Mississippi StateThird-string QB Jaylen Henderson led the Aggies as they became eligible for a bowl for the first time in two years.
Read more »
Marvin Harrison Jr. scores three TDs in Ohio State's 38-3 win over Michigan StateMarvin Harrison Jr. scored three touchdowns on Ohio State's opening three drives, setting the tone for a dominant 38-3 win over Michigan State.
Read more »
GOP lawmaker says Texas border bill sets ‘terrible precedent’State Sen. Brian Birdwell says Texas immigration legislation would usurp both Congress and the federal government.
Read more »
Texas Senate Passes Controversial Immigration BillThe Texas Senate on Thursday passed a controversial immigration bill that would make illegal border crossings a state crime, reports Texas Public Radio.
Read more »