. The two chambers announced the deal Monday morning, calling it"the biggest property tax cut in Texas history."
The Texas comptroller forecast the state would have a $32.7 billion budget surplus. Governor Greg Abbott has said he wanted half that amount returned to taxpayers in the form of property tax cuts.
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Texas House and Senate reach a deal on how to cut property taxesThe deal would channel $12 billion to reduce the school property tax rate for homeowners and business properties, increase the homestead exemption, and create a pilot program to reduce taxes on certain residential and commercial properties. The legislation is expected to pass later this week.
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