Texas Board of Realtors Chair Jennifer Wauhob talks to Fox News Digital about the Lone Star State’s recent fortunes and the booming population that is ‘creating great things for Texas.’
Texas Gov. Greg Abbott released a five-point plan to reform the Lone Star State’s property tax system to provide more relief for homeowners.
The Republican governor did property tax to fix an important plank in his re-election campaign as he seeks a fourth term in office.
Abbott announced the plan Wednesday during a Taxpayer Empowerment event in Houston and said the five-point plan would impose tighter limits on local government spending, and would also impose tougher rates on property assessments. This plan aims to eventually eliminate the school property tax on homeowners.
“Texas is the hottest state in the entire United States of America. If you look at our economy, we’re ranked No. 1 in jobs, No. 1 in economic development, No. 1 in doing business,” Abbott told Fox News Digital. “Our goal is to make sure we continue to pass policies that keep Texas attractive, and that’s why today I talked about my reforms to make sure we reduce property taxes in Texas.”
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Texas Gov. Greg Abbott has unveiled a five-point plan to reform the Texas property tax system. (Brandon Bell/Getty Images)
The governor’s plan limits the growth of local government spending to population growth and inflation or 3.5%, whichever is lower, according to a report by FOX 7 Austin.
Abbott’s proposal would also raise the rate of property tax increases by requiring the approval of two-thirds of all voters. local property tax increases before they are done. That would duplicate the much larger requirement for a national property tax increase at the local level.
Voters will also have a say in lowering existing property taxes, and one pillar of the governor’s five-point property tax plan would allow 15% of voters in a given area to sign a petition reversing the ballot.
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Texas has seen an increase in Americans moving to the Lone Star State from other parts of the country, spurring housing developments in places like Austin. (Jordan Vonderhaar/Bloomberg via Getty Images)
The plan put in place by Abbott will also change the way analytics are handled Texas by requiring properties to be assessed once every five years instead of annually, he thought it would make it easier for homeowners to predict property taxes from year to year.
His proposal would reduce the rate of house price increases from 10% a year to 3%, and would also apply assessment rates to all properties, including rental and commercial properties. Under current law, house price increases are limited to 10% per year.
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Abbott’s proposal would give voters a say in reinstating the property tax. (Jordan Vonderhaar/Bloomberg via Getty Images)
The fifth point in Abbott’s plan would allow voters to test a constitutional amendment that would eliminate school property taxes on homeowners, and the state would fully fund public education, a move the governor said would cut property tax liabilities in half.
The governor plans to push his property tax plans through a statewide campaign as voters consider their tax burdens before this fall electionreported FOX 7 Austin.
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Fox News Digital’s Peter Pinedo contributed to this report.
