The Senate Finance Committee will meet at 10 a.m., Wednesday, September 4, in room E1.036 to hear invited and public testimony on the following interim charges:
Continue Cutting Property Taxes: Identify the best combination to further increase the amount of homestead exemption and compression to continue cutting Texans’ property taxes.
Additionally, establish and report on the cost of eliminating:
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- School maintenance and operation property taxes;
- All school property taxes; and
- All property taxes.
Determine the fiscal consequences of each action, including whether revenue reallocations would be required for public education funding and local government funding, and impacts on the state’s ability to respond to disasters and other urgent priorities. For example, determine the effect on other state programs if general revenue were used to fully replace school property taxes, particularly during economic downturns. Evaluate and report on how much state revenue would need to be generated to replace foregone property tax revenue, and from what source.
Monitor Property Tax Relief: Monitor the appropriations supporting, and implementation of, the following legislation passed during the 88th Legislature, Regular or Special Sessions, and approved by voters, amending the Texas Constitution:
- Property Tax Relief: Senate Bill 2 and House Joint Resolution 2, 88th Legislature, Second Called Special Session.
Public testimony will be limited to two minutes.
