AUSTIN, Texas (KMID/KPEJ)- The Texas Senate passed two bills today, joint-authored by Senator César J. Blanco, to provide $4.3 billion in property tax relief and $1.5 billion in small-business relief.
“Providing economic security to the families and communities of Far West Texas is a top priority for me this session,” said Senator Blanco. “Owning a home is part of the American Dream, but skyrocketing property taxes have made that dream unachievable for many Texans. I was proud to joint-author these bills to help ensure homeowners have the opportunity to attain this dream and keep food on the table for their families.”
Senate Bill 3 will raise the homestead exemption to $70,00 for homeowners, up from the $40,000 it is at today. The exemption will be raised to $100,000 for those over 65 or disabled.
Senate Bill 5 will establish an inventory tax credit and a universal tax exemption of $25,000 of the appraised value of business personal property to cut business costs.
Senator Blanco also added, “Homeowners and business owners alike are feeling the pinch and need tax relief and economic security. Mom-and-pop small businesses are the backbones of our community, and by providing tax relief to local businesses, we will help create jobs, and boost our local economy. While these two bills only provide relief for homeowners and small businesses, I will continue working for equitable tax relief for all Texans, including decreasing the sales tax rate.”
Senate Bills 3 and 5 now head to the Texas House of Representatives to be voted on in order to be passed into law.
For more information, please contact Taylor Sanchez at 915-276-3872 or Talyor.Sanchez@senate.gov.