AUSTIN – State Senator Paul Bettencourt (R-Houston) passed SB 8, SB 12 and SJR 4 from the local Senate government unanimously at the hearing on Saturday, July 10, 2021. These bills are designed to build on property tax reform and relief efforts and reform efforts the school funding from past meetings and have a dozen bipartisan co-authors.
“Since I was elected to the Texas Senate in 2014, tax breaks have been one of my top priorities,” said Senator Bettencourt. “These bills will give homeowners the much-needed relief for first year homestead exemptions and for those over 65 or the disabled!” he added. “SB8 will address a long-standing problem in Texas prohibiting homeowners from making tax savings in their first year of home ownership!”
In 2005 the Texan legislature passed a school tax compression, as it was decided in HB 3 during the 86th legislative session. In 2007, legislators passed a constitutional amendment approved by voters to lower the tax rate for those with a tax exemption over 65 or a disability. These bills now follow the same pattern as they did then, so all Texas homeowners can take advantage of the HB3 tax rate cut.
These invoices make the following major changes:
Senator Bettencourt’s SB 8 – grants homeowners benefits from the resident homestead exemption for the first year of purchasing their property instead of waiting until January 1 of the following year for the exemption to take effect. This bill has 11 bipartisan co-authors.
SB 12 by Senator Bettencourt & Senators Kolkhorst – SB12 is the enabling legislation and SJR 4 is the constitutional amendment. These bills offer a reduction in the tax rate for the maintenance and operation of the school for over 65s and disabled homeowners who are capped due to their tax cap adjustment. Co-authors are Senator Hinojosa (D-McAllen) and Senator Lucio (D-Brownsville)
“Property tax relief has been a top priority for Lt Gov Patrick, myself and other members for years,” said Senator Bettencourt. “I am pleased that Governor Abbott included it in the 87th special session as these bills will offer over two hundred million dollars in wealth tax relief,” he said.
“I want to thank the members of the local government committee for the unanimous support of both parties!” he concluded.