Sen. Bettencourt’s SB 3, 4, SJR 3 & Sen. Parker’s SB 5 pass out of the Senate on a bipartisan “4-PEAT” 124-0 vote
Austin, TX – The Texas Senate’s unprecedented $16.5 billion Property Tax Plan that will provide unprecedented relief to homeowners, business owners, and all taxpayers has left the train station! Lt. Governor Dan Patrick’s (R-Texas) priority bills, SB 3, 4, and 5, along with the adjoining Constitutional Amendment, SJR 3, passed out of the Senate on a bipartisan and unanimous vote of 124-0. “The Senate’s Property Tax Relief package moved through the Senate like a bullet train 124-0 because all 31 Senators know Texas homesteaders and business owners need real property tax relief & what this package delivers to Texans is permanent, off the charts tax relief,” remarked Sen. Bettencourt (R-Houston), “the architect” for the Senate’s Property Tax Plan.
SB 3, if approved by voters, will save 5.72 million Texas homestead owners $798 per year when they see their next tax bill in the Fall by raising the Homestead Exemption 75% to $70,000. “BUT WAIT, THERE’S MORE!” added Sen. Bettencourt. SB 3 will also save 2.07 million homestead owners over-65 and disabled $1,062 plus per year by tripling the over-65 and disabled exemption to $30,000. It will be added to the $70,000 homestead exemption for a whopping $100,000 in total exemptions for over-65 and disabled Texas homesteaders.
“BUT WE’RE NOT DONE YET!” continued Sen. Bettencourt, SB 4 will provide an additional $5.38+ billion in ISD tax rate compression and will reduce recapture by expanding the school finance band to 20%. Rate compression benefits all taxpayers and reduces recapture by funding additional Maximum Compressed Rate (MCR) compression in school finance formulas. Expanding the school finance equity band will allow school districts to reduce their M&O tax rate further. Texas Taxpayers and Research Association (TTARA) President, Dale Craymer, commented on the benefits of compression saying, “It provides balanced relief for all taxpayers – rate compression obviously benefits all taxpayers.”
SB 5 by Senator Parker (R- Flower Mound) will create an Inventory Tax Credit totaling $1.275 billion. It will raise the Business Personal Property Exemption to $25,000, for $225 million, totaling $1.5 billion. “Small businesses are the bedrock of our economy, and they have been hit hard by record inflation,” said Sen. Parker. ”SB 5 will provide meaningful tax relief for businesses across Texas, helping them stay afloat, creating more job opportunities for Texans, and keeping Texas a competitive global player as the 8th largest economy in the world.”
“I’ve been working with Lt. Governor Patrick for 20 years and never thought I would be passing $16.5 billion Dollars of Property Tax Relief in a single day! IT’S UNPRECEDENTED! said Senator Bettencourt.
SJR 3 is the Constitutional Amendment that voters will vote on during the November 2023 General Election if passed by the Texas House. If approved by voters, the Senate’s unprecedented Property Tax Relief Plan consisting of SB 3, SB 4, and SB 5 will go into effect. “I believe the public will vote for this unprecedented river of property tax relief if given the opportunity.” concluded Sen. Bettencourt.