Texans are putting more pressure on state lawmakers to cut property taxes as home values skyrocket.
The Texas real estate market continues to go up, but there's little tax relief for property owners. In May, voters overwhelmingly approved two amendments to the state constitution intended to provide modest relief to homeowners. However, economist Vance Ginn, with the Texas Public Policy Foundation, says it's not enough.
“People are getting their appraisals. They’re seeing that their home values are going up tremendously,” Ginn said. “People are upset. Constituents are upset, and so the legislatures are really going to have to come up with a good plan.”
He believes changes must be made at the state and local level. The Texas Public Policy Foundation has proposed using government surplus to reduce taxes. He says the state is awash with cash, and that's true at the local level as well.
“If the state has surplus funds, it should go back to taxpayers in the form of lower property tax bills, which really would just be lowering the school district’s maintenance and operation property tax,” Ginn explained.
He thinks state lawmakers will take action on tax relief during the next legislative session.