Gov. Abbott holds ceremonial bill signing for largest property tax cut in Texas history

Published: Aug. 9, 2023 at 5:26 PM CDT
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AUSTIN, Texas (KWTX) - Texas Governor Greg Abbott on Wednesday held a ceremonial bill signing for what his office billed as “the largest property tax cut in Texas history.”

The legislation includes $18 billion in property tax cuts. It was originally passed on June 27, 2023, during a second legislative special session.

Joining Governor Abbot at the bill signing was Lieutenant Governor Dan Patrick, Texas House Speaker Dade Phelan, Senator Paul Bettencourt, State Representative Morgan Meyer and other members of the Texas Legislature.

“Today, I am signing a law that will ensure more than $18 billion in property tax cuts—the largest property tax cut in Texas history,” said Governor Abbott.

Under Senate Bill 2 and Senate Bill 3, the surplus $18 billion in Texas’ budget will be allocated to driving down school district property tax rates, increasing homestead exemptions for Texas homeowners, and increasing Franchise Tax exemptions and appraisal caps for small businesses.