$18 billion property tax cut deal announced, biggest in Texas history

Lt. Gov. Dan Patrick and Speaker Dade Phelan announced on Monday that an agreement had been reached to deliver an $18 billion cut in property taxes. The agreement details cuts to the school property tax rate, alongside relief for homeowners and small businesses.

Property tax reductions include a program to cut school property tax rates, estimated to total over $12 billion. A homesteader tax exemption will also provide $100,000 in exemptions to the state's 5.7 million homesteaders, and non-homesteaders who own property valued under $5 million will be included in a tax-refund "circuit breaker" pilot program.

"It may have taken overtime, but the process has produced a great bill for homeowners and businesses," said Lt. Gov. Patrick.

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