State leaders unveil another idea to help lower the property tax burden.
Property tax reform is still a hot issue at the Capitol, and Thursday, the Austin City Council plans to formally oppose State and House efforts to limit cities and counties to a 2.5{6d294a0824f6f808f1cc9dcde10d35acd237638cfa4e8dd876851c8906eac7a1} increase each year. Mayor Steve Adler has been a vocal opponent and blames the state for not fixing the public school finding model: “We have six years worth of numbers and its over 350{6d294a0824f6f808f1cc9dcde10d35acd237638cfa4e8dd876851c8906eac7a1}. So its going up an average of 60{6d294a0824f6f808f1cc9dcde10d35acd237638cfa4e8dd876851c8906eac7a1} a year, the state Hidden Property tax.”
Abbott’s new plan, essentially a tax swap, would increase the state sales tax by one cent, which he thinks could facilitate the buying down of property tax rates for homeowners and businesses alike, resulting in billions in new revenue in the long run.
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