GOVERNOR ABBOTT SIGNS PIVOTAL PROPERTY TAX REFORMS INTO LAW

Governor Greg Abbott this week signed into law Senate Bill 2, which delivers significant property tax reforms that will cap property tax increases without voter approval and provide tax reform to homeowners and businesses across Texas.

Senate Bill 2 lowers the property tax rollback rate to 3.5% for cities and counties. Any increase to this rollback rate in cities, counties, and some special districts will require voter approval and automatically trigger a tax ratification election. This rollback rate will be renamed the voter approval tax rate going forward.

SB 2 also requires taxing units to post their budgets, tax rates, and tax rate calculation worksheets online. The bill makes numerous improvements to the appraisal and protest process, such as prohibiting an Appraisal Review Board (ARB) from increasing the value of a taxpayer property above its initial value, increasing training requirements for ARB members and arbitrators, and entitling taxpayers to the evidence the appraisal district plans to present at their ARB hearing free of charge.

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