Texans are struggling with high inflation, stagnating real wages, and a housing affordability crisis. Moreover, Texas ranks 6th in the nation on the highest property tax paid. Yet, thanks to a record general revenue-related surplus of $32.7 billion, the 88th Legislature has a historic opportunity to provide all Texans with real and lasting relief. To achieve this goal, the Foundation proposes the following roadmap to help alleviate the tax burden and set Texas up for success into the future. This framework is based on 3 essentials—restraining the burden of government, returning a maximum amount of surplus revenue back to taxpayers, and recognizing the need for permanent change.
Just the Facts: Property Taxes in Texas’ Most Populous Cities, Counties, and School Districts 4th Edition
Property taxes imposed by local governments have, in many instances, outpaced population growth and inflation. As a result, Texans pay some of the highest property taxes in the nation. Key points: Property taxes are assessed and collected by local governing bodies. The State does not levy a property tax. Local governments levied $89.4 billion in...