Property owners in Texas could be eligible for a $100,000 homestead exemption, certain business could be exempt from paying a franchise tax and a new pilot program to limit annual property appraisal value increases could kick off after Gov. Greg Abbott signed an $18 billion omnibus property tax package that the Legislature advanced during a special session earlier this month.
The property tax package will go into effect if voters in November approve the plan that Abbott signed Saturday.
"I thank my partners in the Texas Legislature for coming together to honor the best interests of hardworking Texans who want to own their property — not rent it from the government," Abbott said in a statement after the Legislature advanced the proposal on July 13. "I look forward to signing this legislation into law to provide Texans with the largest property tax cut in Texas history.”