Reigning in property tax growth was Governor Abbott’s top emergency item for the State Legislature and today he signed a bill into law to do just that, reducing property taxes to the tune of $5-billion dollars.
SB2 limits cities and counties to a 3.5{2a63e07d84fe12ceff3a79b3b7d16ceb8565bd2470b26c53e2419132d99be4c6} and school districts at 2.5{2a63e07d84fe12ceff3a79b3b7d16ceb8565bd2470b26c53e2419132d99be4c6} annual increases in property tax revenue and without a public vote. Speaking at Wally’s Burgers on Mesa Drive, Abbott says the longtime Austin eatery was slapped with a 44{2a63e07d84fe12ceff3a79b3b7d16ceb8565bd2470b26c53e2419132d99be4c6} increase in property taxes just this year,”Sky rocketing property taxes like that will put someone out of business. Which is why we had to pass Senate Bill 2.”
SB2 also requires that all taxing districts post their budgets and tax calculations online for public viewing. The Appraisal Review Board will also be prohibited from increasing the value of a taxpayer property above its initial value.
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