SB 2 would slow the growth rate of local property taxes by imposing a 2.5 percent property tax revenue trigger whereby a local tax jurisdiction desiring to raise revenue above this rate would automatically trigger an election in November. This could cut the revenue growth rate by more than half, whereby property taxes could not double but every 29 years. Cutting the growth rate by more than half is a great start to keeping Texans from being taxed out of homes and businesses and improving housing affordability.
Kudos, Tarrant County
Fiscal conservatism is alive-and-well in Texas’ 3rd largest county. As evidence, consider that Tarrant County officials last year approved a tax rate below the no-new-revenue (NNR) tax rate, resulting in an astonishing “13.17 percent” rate reduction. As impressive as that was though, county leaders took things one step further by creating a 10% local option...