BREAKING: Lawmakers Reach Property Tax Relief Deal

AUSTIN – The stalemate on property tax relief for Texas homeowners has finally ended with the Texas House and Senate announcing at deal Monday morning.  

According to House Speaker Dan Phelan’s office, the legislation, expected to be passed this week, includes more than $12 billion to reduce the school property tax rate for homeowners and business properties; an increase to the homestead exemption from $40,000 to $100,000; and savings on the franchise tax for small businesses. It would also include a so-called “circuit breaker” program for residential and commercial properties valued at $5 million and under. The program would be piloted for three years.

The new property tax relief bill, the franchise tax relief bill and the constitutional amendment required to enact the cuts will be filed later Monday, Phelan’s office said in a statement.

Lt. Gov. Dan Patrick said the last week of negotiations among himself, Phelan and members of both chambers “made the difference.”

“It has been a long road, but this is a great day for all property owners,” Patrick said. “It may have taken overtime, but the process has produced a great bill for homeowners and businesses.”

This is a developing story.