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Next step will be action in the state House, where budget writers have different plans for distributing property tax help.
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This legislative session, Texas lawmakers are hoping to lower property taxes and increase funding for the state’s public schools. Meanwhile, local taxing entities say the state’s recent efforts to curb property taxes are making it harder for them to fund the services they provide.
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The governor touted Texas’ strong economy in his State of the State address Sunday, where he also laid out priorities he wants lawmakers to focus on in the months ahead. These include creating a school voucher-like program and lowering property taxes.
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The increase comes after voters approved several propositions at the ballot box in November, all of which will be paid for by raising property tax rates.
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Voters were asked to approve a property tax rate increase of 2.5 cents per $100 valuation to pay for more affordable child care in Travis County.
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The school boards in Austin ISD and Manor ISD each called tax rate elections for Nov. 5 to help cover the cost of raising staff salaries. Both districts are facing multimillion-dollar budget deficits.
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District officials said if a voter approval tax rate election is successful in November, it will generate $41 million in additional revenue for the district. Nearly $18 million of that would be used to increase at least 60% of employees’ pay.
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Travis County commissioners voted to put a tax rate hike on the ballot. If approved, it could cost the average homeowner an additional $126 annually.
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The city will allow those who are 65 and older or have a disability and live in the home they own to keep more money from taxes.
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While we love to complain about them, property taxes are also incredibly misunderstood. (Kind of like teenagers.) Let’s try to demystify them.