State Senator Drew Springer’s Capitol Update

Hello Friends,

It was an exciting week at the Texas Capitol! The Texas Legislature passed a $18 billion property tax relief plan – the largest property tax relief cut in history! Homeowners who homestead are estimated to see $1,266 to $1,312 in savings, while seniors are estimated to see $1,436 to $1,482 in savings. This would result in an average 41.5% reduction in M&O school taxes, with seniors seeing the largest reduction.

SB 2/ HJR 2
  • Increases the homestead exemption from $40,000 to $100,000 for homeowners under the age of 65 and $110,000 for homeowners over the age of 65.
  • Provides 10.7 cents of additional ISD tax rate compression, a 23.8% savings, to reduce the school property tax rate for homeowners & business properties.
  • Implements a 3-year pilot program for non-homesteaded properties valued at $5 million & under (residential & commercial) to limit appraised value increases.
  • Creates three positions for citizens to serve on their local appraisal board in counties with a population above 75,000. This will help increase citizen participation and oversight of the appraisal process.
SB 3
  • Increases the franchise tax exemption from $1.235 million to $2.47 million, which will remove 67,000 small to medium-sized businesses from paying the franchise tax. This plan helps our mom-and-pop businesses keep their hard-earned money.
After Governor Abbott signs these bills, the property tax relief plan will be on the ballot as a constitutional amendment this November, just like past homestead exemption increases. If the constitutional amendment passes, homeowners will see the homestead exemption and school tax rate reduction in effect for the next round of property taxes due for the 2023 tax year, which for homeowners is typically paid by Jan 31, 2024.
While Thursday was a great day because we passed a historic property tax relief plan, it was also a very special day because Lydia and I celebrated our 32nd wedding anniversary. I can’t believe how time has flown, and I especially can’t believe that she still puts up with me! I’m so blessed that God crossed our paths 34 years ago at the Muenster Germanfest and has allowed us to share three beautiful kids and a grandson (with another on the way!) together.
Click Here to Watch My Capitol Update Video
As always, please do not hesitate to reach out to me and my office if there is ever anything that I can help you with.

God Bless,

Senator Drew Springer