“We have never seen anything like this,” said Marya Crigler, chief appraiser at the Travis County Appraisal District. “This is unprecedented for us in Travis County. And I think that same unprecedented appreciation is being seen statewide.” | TexasTribune
Texas' explosive growth is increasing home prices — and their taxable values. As residents worry about dramatic jumps in property tax bills, officials are grappling with ways to slow property tax growth.
But an increase in value doesn’t necessarily guarantee a dramatically larger tax bill, appraisers and property tax experts caution. Facing reelection, Gov. Greg Abbott has deemed property tax reduction a top priority when state lawmakers reconvene next year. Texas homeowners pay a higher proportion of their home value toward property taxes than most homeowners in other parts of the nation, according to the Tax Foundation. Texas depends more on property taxes than almost any other state to pay for government services — edged out only by New Hampshire, Alaska and New Jersey.
As a result, school property taxes make up the bulk of a typical Texas homeowner’s tax bill. More than half of all property tax revenue in the state comes from school property taxes, according to data from the Texas Comptroller’s office. In 2019, lawmakers passed a pair of laws aimed at slowing growth. House Bill 3 was an $11.6 billion school finance bill that included $5.1 billion to lower school district taxes, $6.5 billion in new school spending and caps on school districts’ tax rates. Senate Bill 2 required many cities, counties and other taxing units to get voter approval if they want to raise the property tax revenue they collect from all property owners by 3.5% or more than the previous year.
Meanwhile, ideas like making the sales prices of properties public — which advocates say would ensure properties aren’t exorbitantly valued and that owners of expensive properties are paying their fair share of taxes — have gone nowhere.Abbott has touted a “taxpayer bill of rights” that includes proposals to further reduce school property tax rates, make property appraisals more transparent and limit local governments from taking on new debt without voter approval.
Whether state lawmakers will be able to use federal stimulus funds to pay for property tax cuts hasn’t been settled. The $3 billion comes out of the American Rescue Plan Act, the $1.9 trillion stimulus bill aimed at pandemic relief, which prohibits the use of stimulus funds for tax cuts.
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