AUSTIN – Representative Drew Darby of San Angelo voted for Senate Bill 2, Senate Bill 3, and House Joint Resolution 2 Thursday to deliver the largest tax cut in Texas history. The passage of this legislative package represents a significant victory for the taxpayers of rural West Texas and the Concho Valley, who are seeing their income continually bludgeoned by skyrocketing property taxes.
The 18 billion dollar relief plan includes:
$12 billion in new rate compression to directly buy down the school property tax rate for all taxpayers;
A significant increase in the homestead exemption from $40,000 to $100,000 — contingent on voter approval of
an enabling Constitutional Amendment on November 7, 2023;
A three-year pilot project applying a 20% circuit breaker on appraised values for non-homesteaded residential and commercial properties; and
A massive savings increase on the franchise tax for our small businesses; and the creation of newly elected positions on local appraisal boards.
"This relief package is the result of months of hard work to determine the best way to deliver maximum relief to the taxpayers," Representative Drew Darby said. "I am proud to finally be able to ensure that the residents and businesses of House District 72 see significant, long-term property-tax relief in order to continue the economic prosperity of West Texas."
The provisions of the relief plan also ensures that the state will continue to fund Texas public schools to guarantee that no relief comes at the expense of our students or educators. "It is no secret that our great Texas public schools are in severe need of additional financial support," Representative Darby continued. "Its is reassuring that the Texas Legislature created a way to deliver the maximum amount of relief to taxpayers, without sacrificing our Constitutional commitment to public education."
Implementation of the full property tax relief package will be in effect following voter approval during the Constitutional Amendment election this fall.