TEXAS PRESS ASSOCIATION
Senate passes tax cut package The Texas Senate last week unanimously approved a $16.5 billion package to lower property taxes and inject billions of dollars into public schools.
As reported by the Texas Tribune, the three separate bills require the state to send at least $5.38 billion to public schools while at the same time raising the state’s homestead exemption from $40,000 to $70,000, with an additional $20,000 exemption for homeowners 65 and older. According to the Tribune, the proposal would save an average homeowner $341 on their annual tax bill. Seniors would save an additional $227 annually.
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