Tax Relief | Texas Public Radio

Tax Relief

Pixaby CC0: http://bit.ly/2IXDdT7

Homeowners across the state have seen the amount of taxes owed on their property increase year after year. Complaints of appraisals, confusing statements and rising taxes have made ownership less desirable. Property tax reform has finally come to Texas after the 86th Legislative session. What laws have been enacted, and will property taxes finally be reduced?

  

From Texas Standard:

Just two weeks after its introduction, and with a total of zero hearings, the U.S. House has approved what could be the biggest change to tax policy in at least a generation. The Senate Finance Committee also passed a GOP-sponsored tax bill that differs somewhat from the House measure.

From Texas Standard.

A new proposal from Republican lawmakers would cut some tax rates and overhaul portions of the U.S. tax code. House Republicans rolled out the Tax Cuts and Jobs Act in Washington on Thursday.

Among the most controversial aspects of the GOP tax plan is that it lowers the mortgage interest deduction for homeowners. Current homeowners wouldn’t be affected, but new borrowers would only be able to deduct the first $500,000 – that’s down from the current limit, which is $1 million.

John Diamond, director of Rice University’s Center for Public Finance says that the mortgage deduction change could lower Texas home values by 1-2 percent.

Ryan E. Poppe

Skyrocketing appraisal rates in some of the state’s most populated counties may result in homeowners actually paying more this year, despite efforts by the Legislature.  

Ryan E. Poppe

A standoff between the Texas House and Senate could be nearing the end, as both sides seemed to agree to some leeway on their plans to cut taxes in 2015. Texas Gov. Greg Abbott confirmed that he was working with the two sides to help reach some kind of compromise.

It’s been quite a bit of back and forth for the competing House and Senate plans over the past two months. Part of the Senate’s original plan called for cutting a portion of the state’s property taxes, something the House didn’t initially agree with. In the House, the Senate had taken issue with their plan to cut a portion of the state’s sales tax.  
 
And when those talks hit a stalemate, Gov. Abbott stepped in to help facilitate an agreement.
 

Ryan E. Poppe

Hundreds of people were on hand Wednesday at the State Capitol to witness the swearing in of San Antonio’s newest Senator, Democrat José Menéndez.

A crowd gathered in the chamber of the Texas Senate quickly became a who’s who of San Antonio officials, past and present, all in Austin to be part of Menendez’s move from the House to the Senate. He spent  14 years serving San Antonio in the Texas House.

David Martin Davies / TPR News

Texas Lt. Governor Dan Patrick is set on delivering tax cuts in this legislative session. He made that point clear while speaking to reporters about his priorities for the 84th Legislature.

The Texas Senate has delivered a proposed budget on Tuesday that includes $4 billion dollars in tax relief – including 3 billion dollars in property tax cuts and 1 billion for cuts to the business franchise tax.

However, Tax Cuts are not in the proposed budget in the Texas House. And that will have to reconciled.

Tomorrow, when the Texas House of Representatives gavels in for its 140-day session, members are expected to elect Rep. Joe Straus III of San Antonio to a fourth term as Speaker.