Texas Lt. Gov. Dan Patrick, House Speaker Dade Phelan strike deal on property taxes

In a news release, Patrick and Phelan stressed that business as well as homeowners would benefit from the rate cuts.

Under the proposal, the mandatory homestead exemption on school taxes would go up to $100,000, a $60,000 increase, assuming voters approve a constitutional amendment on Nov. 7.Advertisement Without providing details, Patrick and Phelan’s release said the legislation “will also include savings on the franchise tax for small businesses and create newly elected positions on local appraisal boards.”, which among other things created an “inventory credit” on the state business-franchise or “margins” tax costing the state $1.05 billion over two years.

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