🔴LIVE: Texas property tax relief package signing

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Gov. Greg Abbott is set to sign a $10 billion property tax relief package into law on Monday, a measure proponents say will provide significant savings for homeowners, seniors, and small business owners across Texas.

The signing ceremony for three key bills is scheduled for 3 p.m. at the Robson Ranch Clubhouse in Denton. The legislation, a product of the 89th Legislature, will go before voters for final approval in the November 2025 constitutional amendment election.

The package includes Senate Bill 4, Senate Bill 23, and House Bill 9. Authored by state Sen. Paul Bettencourt, R-Houston, and state Rep. Morgan Meyer, R-Dallas, the bills aim to build on previous tax-cutting efforts.

"SB 4 and SB 23 builds on the 2023 momentum of the largest property tax cut in U.S. history, a record-breaking $22.7 billion, with targeted exemptions to help millions of Texans," Bettencourt said.

The specific measures include:

Senate Bill 4: This bill would increase the homestead exemption for school district taxes from $100,000 to $140,000. This is projected to save the average homeowner $484 annually.
Senate Bill 23: This legislation raises the property tax exemption for Texans over 65 and those with disabilities from $10,000 to $60,000. When combined with the proposed homestead exemption, their total exemption would reach $200,000, resulting in an average annual savings of over $950 for more than 2 million homeowners.
House Bill 9: This bill targets small businesses by raising the exemption for business personal property to $125,000. The projected average annual savings for business owners is $2,500.

Lt. Gov. Dan Patrick praised the collaborative effort behind the legislation.

"The Senators and our House colleagues from both sides understand when increased homestead exemption and more compression are combined, Texans receive maximum tax relief benefit," Patrick said in a press conference. He stated that when combined with a $22.7 billion tax cut from the previous session, Texas homeowners will see a total average reduction of $1,762.87.

The passage of these bills into law is contingent on voter approval in November. Bettencourt expressed confidence that Texans will support the measures, citing similar approvals in 2015, 2022, and 2023.

"This will help millions of Texans stay in their homes, let seniors age in place, and allow others to grow their businesses for generations to come," Bettencourt said.

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