Texas House and Senate agree on largest tax cut deal in history

Published: Jul. 12, 2023 at 9:52 PM CDT
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ODESSA, Texas (KOSA) - The Texas House and Senate reached the largest tax cut deal in our state’s history.

“All told it’s going to be worth about $20 billion, it’s going to help save the average Texas homeowner about $1,330 per year over the next couple of years,” said State Representative Brooks Landgraf.

Landgraf says the agreement includes structural changes.

“We are going to increase the Homestead exemption to where the first $100,000 of your home is exempt from being taxed and we also have some other good measures like a 20% cap on how much an appraisal can go up for a commercial property,” said Landgraf.

There will be a $12 billion schools tax rate reduction, franchise tax savings for small businesses and for counties with more than 75,000 residents, newly elected appraisal board positions to appoint an Appraisal Review Board.

“We’re still coming off the heels of record breaking inflation. People need to have that money to help meet the needs of their household budgets and I’m really happy that we’re gonna have a vote on Thursday to make sure that that gets done,” said Landgraf.

Landgraf says the savings is bigger than the entire budget of a lot of states.

“In Texas we say go big or go home and we’re definitely going big with these property tax cuts,” said Landgraf.

Landgraf says he expects a vote and a proposal sent to Governor Abbott’s desk no later than Thursday of this week.