Last month, we took a look at a current property tax bill that’s working its way through the state house and senate. Since then, some members of the house and senate view the proposed 2.5% property tax increase cap as a great starting point for negotiations. In the coming months, home owners may see that cap rising a bit before it will pass. In order for the bill to become law, both chambers must agree to identical bills by May 27.
What the House Bill Says
The current bill proposes a cap on increasing property taxes set at 2.5%. This doesn’t mean that property taxes can’t increase by more than 2.5%. It simply means that in order to increase property taxes by more than this set rate, state and local leaders would need to go to the residents for a vote of approval. In short, the proposed bill puts more of the decision-making process for property tax changes in the hands of home owners.
Potential Challenges with Differing Senate Bill
While state senators seem to be in agreement that a cap is necessary, their main concern is that even a 2.5% property tax increase cap will not actually do enough to address one of the biggest financial concerns associated with high property taxes – school funding. The state senate is proposing an amendment that would include $2.7 billion given to school districts by the state to decrease need at the local level. In addition to the proposed House Bill’s 2.5% cap, this could mean real relief for property owners in Texas.
Need Property Tax Relief Now? – Contact Home Tax solutions
The outcome of the current property tax debate remains to be seen, but the conversations do seem to be moving in a positive direction for Texas home owners. At Home Tax Solutions, we’re here to help now if you need relief from your high property tax bill. We offer low interest property tax loans that will help you avoid the hefty late payment fees from the state and keep you in your home. To get started right away, take just a few minutes to complete our online form. One of our knowledgeable loan processing team members will be in touch with you shortly to review the information you provide on our application form and help relieve your stress by turning one high property tax bill into several low monthly payments.
Here’s a link to the article: https://www.houstonchronicle.com/news/politics/texas/article/Property-tax-reform-bills-get-a-new-spark-of-life-13725197.php