PASSED SB 2 AND SB 3 THE LAREST PROPERTY TAX CUT IN STATE HISTORY

February 20th, 2024 Posted by 0 thoughts on “PASSED SB 2 AND SB 3 THE LAREST PROPERTY TAX CUT IN STATE HISTORY”

Senate Bill 2
Senate Bill 2 increases the homestead exemption from $40,000 for most homes to $100,000. The bill also includes $7 billion for the reduction of school district maintenance and operations tax rates statewide. Senate Bill 2 also includes a 3-year pilot project for non-homesteaded property valued at $5 million or under to receive a 20% circuit-breaker on appraised value increases. It also includes a change to County Appraisal District boards of directors to include 3 county-wide, elected director positions in counties with a population of 75,000 or more.
Senate Bill 3: 
SB 3 Doubles the franchise tax exemption for businesses. The exemption increases from $1.235 million to $2.47 million, eliminating this tax for 67,000 businesses. SB 3 also eliminated a “nuisance-tax,” which required businesses that did not owe any franchise taxes to file “No Tax Due” paperwork.

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Texas Sen. Robert Nichols is a devoted husband and father who shares our conservative East Texas values. Sen. Nichols cares deeply about Texas and our country.