When Greg Abbott was running for governor, he said he wanted to limit property taxes. On Wednesday, he signed Senate Bill 2 into law, which is meant to do just that. The measure caps the rate of annual property tax growth in Texas at 3.5%, down from 8% previously. Local governments seeking to raise taxes by more than 3.5% must get voters to approve it. The aim is to slow the rate of tax hikes so people won’t be taxed out of their homes or businesses. But will it help, or could it actually hurt communities?
Property Tax Reform Is Law. What Happens Now?
SB 2 will slow the rate at which property taxes can climb, but those already facing high taxes on their homes will see little relief.