In order to cut Texans’ property taxes and not just slow the growth, any property tax plan needs three parts. While these elements can be passed separately, doing so risks providing only part of the comprehensive relief Texans need now. For that reason, the Texas Public Policy Foundation plan calls for a single bill.
Bringing Down the House (Price)
A decade ago, the typical Texas home value was about $181,000. Today, it’s ballooned to around $302,000. As home prices increase so too does the barrier to entry get higher. A recent study estimates it would take 7 years for a median-income Texas household to save up for a 20% down payment. But you don’t...